The transfer value a typical DB pension could fetch fell below £150,000 in October for the first time since last year’s mini budget, according to pensions and SIPP firm XPS Group.

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.

Retirement provider XPS Pension Group says its Pension Transfer Value Index climbed to a new high of £270,000 at the end of November due to forecasts of increased inflation and a dip in gilt yields.

After an unsteady period, defined benefit (DB) pension transfer values increased to a record high during June and the number of members taking a transfer value rebounded strongly too.