Defined benefit (DB) transfer values rose steadily over August, increasing from £230,000 at the beginning of August, to £237,000 by the end of the month, according to Xafinity.
The consultancy's monthly index tracks the transfer value that would be provided by an example DB scheme to a member aged 64, with a £10,000 annual entitlement from age 65, increasing each year in line with inflation.
Despite the increase, it still remains below the highest levels seen in Q1 and Q2, where values hit £244,000 by mid-April and £241,000 by May 31.
Over August, the difference between minimum and maximum readings of the index was £9,000 (3.6%), in which the value hit its lowest point on August 2 at £230,500, and its highest on August 29, at £239,500.
Meanwhile, in July, the difference between maximum and minimum readings of the TVI was £6,000 (2.5%), in which the value was at its lowest on 17 July at £227,000, and its highest on 24 July, at £233,000.
Xafinity head of DB growth Sankar Mahalingham said:
"The first two months of the third quarter of 2017 have been relatively stable compared to the previous quarter, which showed significant volatility. Reductions in gilt yields have been the main driver, with inflation remaining relatively stable.
"We will need to wait until the end of this quarter to see if this trend continues, though it is worth noting that transfer values remain at historically high levels.
High transfer values may result in a greater number of members considering transferring out, as has been the trend since the introduction of Freedom and Choice.
"It is very important that members are supported when making decisions surrounding their pensions benefits, by receiving engaging communications and education about all the options available to them, including the option of transferring their benefits," he added.
Mahalingham also warned that transfer value would rise even higher if there is a delay in a rate rise.
"While the Bank of England has held interest rates at their record lows (resulting in higher transfer values), the markets are pricing in a rise by the third quarter of 2018.
"This is partly a prediction of what the Bank might do to react to an increase in inflation expectations. Any delay in a rise (as has recently tended to be the case compared to expectations) would mean transfer values increase further.
"Pricing hasn't always accurately predicted the future, and with conflicting views on the effects of the Brexit negotiations on the British economy and political landscape, they may be wrong again."
He said this makes it "extremely difficult" to predict the future path of the transfer value index.
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