XPS Pensions Group is to sell its Master Trust pensions business XPS Pensions (Nexus) Limited to major Master Trust firm SEI for up to £42.5m.

Pension consultancy and SIPP business XPS Pensions Group has reported pre-tax profits up 13% for the past year.

The average pension transfer value, as tracked by XPS's Transfer Value Index, fell by 3% to a record new low in October due to declines in long-dated gilt yields.

Typical pension transfer values slumped to an “unprecedented” low of £181,000 at the end of September - a fall of 8% in one month, according to the latest XPS Pension Transfer index.