XPS Pension Group has released its pension transfer data for April 2023 which found activity fell by nearly 12% during the month.
There was an annualised rate of 34 members per 100,000 transferring out of their current scheme to an alternative arrangement.
This is the lowest activity seen for nine months.
XPS’ transfer value index reported a 4% drop over April, finishing the month at £169,000 ($208,000, €195,000) and returning to a similar level as February 2023.
The firm said that the fall is primarily due to a “slight rise in gilt yields over April, coupled with decreasing long-term inflation expectations”.
Also, 94% of cases reviewed by XPS Scam Protection Service over April raised at least one flag warning.
The eleventh consecutive month it has exceeded 90%.
