DB transfers steady as gilt yields settle

The value of defined benefit pension scheme transfers remained consistent in the final quarter of 2025, according to the latest XPS transfer watch report.

The firm’s Transfer Value Index remained steady in the fourth quarter, closing the year at £141,000. While the index was more volatile in the first half of the year, greater stability was seen at the end as Government bond yields stablised following the Autumn Budget.

Transfer activity decreased marginally in December, falling to an annualised rate of 15 in every 1,000 members transferring their benefits to alternative arrangements.

XPS's latest Scam Flag Index, which tracks the percentage of transfers identified as having a scam warning flag, reported that 94% of cases reviewed by the XPS Scam Protection Service in December 2025 raised at least one scam warning flag, demonstrating a marginal increase compared to the previous quarter-end in September 2025.

Robert Wallace, partner at XPS Group, said: “While transfer activity was subdued at the end of 2025, transfer values have shown signs of stabilising. Activity levels have remained broadly consistent since mid-2023 at around 15 to 20 transfers per 1,000 members each year, with modest seasonal increases typically seen over the summer months.”

Transfer Watch over the past 12 months

 Source: XPS Group, 26 January 2026