The DB Pensions Transfer Value Index compiled by XPS Pensions increased by 2.6% during November to £156,000, the biggest increase seen since March.

The Pensions Regulator has amended its DB superfunds guidance three years after publishing its original guidance to update it based on changes in the last three years.

Defined benefit transfer activity increased in June for the third month in a row to high the highest levels seen since July 2020.

In the first three and a half years since the Pension Freedoms were introduced in 2015 more than 230,000 members of Defined Benefit schemes have received guidance from a financial adviser.