Pension transfer values remained stable throughout July, with the index finishing the month where it started, according to XPS Pension Group's transfer value index (TVI).
The index stood at £233,000 both at the end of June and the end of July. The difference between the maximum and minimum readings of the TVI over the month was £3,200, or about 1.4%.
Transfer values as measured by the index were stable during the first half of the year, during which the index only fluctuated by £8,300, or 3.6%.
XPS pensions Group head of DB growth Sankar Mahalingham said: "On the 2 August the Bank of England Monetary Policy Committee (MPC) raised the Official Bank Rate from 0.5% to 0.75% - the highest level since 2009.
"The impact that this will have on longer-dated gilt yields remains to be seen, and it is these that affect transfer values rather than the Official Bank Rate.
"It is likely that the move from the Bank of England MPC was broadly in line with market expectations, in which case any impact on gilt yields may be muted."
XPS Pension Group's index tracks the transfer value that would be provided by a hypothetical DB scheme to a member aged 64 who is entitled to a pension of £10,000 each year, starting at age 65. It increases each year in line with inflation.
Nearly every trustee is confident of the next stage in their scheme’s strategy, despite almost an equal number being forced to consider replacing plans within the prior 12 months, according to research by Barnett Waddingham.
Companies could be overstating their pension liabilities by up to £60bn due to their life expectancy assumptions, according to XPS Pensions Group.
Defined benefit (DB) schemes that provide GMPs must revisit and, where necessary, top-up historic cash equivalent transfer values (CETVs) that have been calculated on an unequal basis, a landmark court judgment said last week.
Regulators must act now to impose some "proper regulation" to stop another defined benefit (DB) transfer advice disaster, saysTim Sargisson.
Opportunities for defined benefit (DB) schemes to pursue investment approaches that help repair the UK’s economy cannot stand in the way of improving member outcomes, Aegon says.