Accessibility tools

Transfer Activity falls to lowest level since September 2022

Transfer Activity falls to lowest level since September 2022

24 Apr 2023

XPS Pensions Group’s Transfer Activity Index fell slightly during March, with an annualised rate of 38 members per 100,000 transferring out of the current scheme to an alternative arrangement. Although there had been a slight increase in transfer activity at the start of 2023, the Index has now fallen back to the volume of transfers being seen around six months ago in August and September 2022.

XPS’s Transfer Value Index increased by around 4% over March, finishing the month at £175,000, the same month end level as in January 2023. The increase is primarily due to a slight fall in gilt yields during the month.

90% of cases reviewed by the XPS Scam Protection Service in March raised at least one scam warning flag, according to XPS’s Scam Flag Index. This represents a slight fall from the previous month and is the lowest the Index has been since May 2022.

Chart 1 - XPS Transfer Value Index

Transfer watch april 1.jpg

Chart 2 - XPS Transfer Activity Index

transfer watch april 2.jpg

Chart 3 – XPS Scam Flag Index

Transfer watch april 3.jpg

Table 1 – Transfer Watch over the past 12 months

Transfer watch april 4.jpg

Source: XPS Pensions Group – All data is at the end of each month.


XPS Transfer Watch is part of XPSArena, a free to access destination for learning support and development for people in pensions.  Users will be able to scrutinise the latest data contributing to the headline Scam Flag Index, with filters available to compare warning flag prevalence over time and by several demographic groupings.

XPS Transfer Watch monitors how market developments have affected transfer values for an example member, as well as how many members are choosing to take a transfer value.

XPS Pensions Group’s Transfer Value Index shows the estimated Cash Transfer Value of a 64-year-old member with a pension of £10,000 a year with typical inflation increases. The value changes over time with market movements. Mortality assumptions are reviewed periodically.

XPS Pensions Group’s Transfer Activity Index, (the bars on the chart) represent the annualised proportion of members that transfer out of pension schemes administered by XPS. If replicated across all private sector, funded, UK, DB schemes this indicates that approximately 50,000 DB members leave their schemes each year

XPS Pensions Group’s Scam Flag Index tracks the percentage of monthly transfers reviewed by the businesses’ scam protection service that are identified as having warning ‘flags’ which indicate that the member is at risk of being scammed. The flags monitored include both the DWP’s set list of amber and red warnings and further areas of concern identified and monitored by XPS’ Scam Protection Service. The service is provided to the Trustees of approximately 350 occupational pension schemes. 

Back to press releases