Pension transfer values increased by 15% at the end of 2016, figures today showed.

The Xafinity Transfer Value Index increased from around £203,000 at 31 December 2015 to just over £234,000 as at 31 December 2016.

During December 2016 the Xafinity Transfer Value Index increased by nearly 2%, recovering some of the ground lost during November.

source: Xafinity

Paul Darlow of Xafinity said: “2016 was a dramatic year for transfer values. The impact of financial conditions has been significant, and this appears to have been a material consideration for IFAs and pension scheme members.

“It feels like there has been an increase in transfer activity since the Brexit vote, and I have seen some extremely large transfers being paid out recently. Increasingly, ‘partial transfers’ are being requested by members, and it seems likely that more and more schemes will need to consider whether or not this is something that they wish to offer.”