Defined benefit (DB) transfer values rose by £31,000 over 2016 thanks to a fall in gilt yields, according to Xafinity's monthly index.
The estimate sat at around £234,000 at the end of December, up 2% since November, and 15% since December 2015.
However, it remains below the record high set on 4 October 2016 when the estimate hit £243,327, after gilt yields improved over October and November.
The index is calculated based on the value which would be offered to a member aged 64, with a £10,000 annual pension entitlement from age 65. It is then increased each year in line with inflation.
The value is largely driven by gilt yields which were fairly volatile over 2016, reaching an all-time low of 0.52% on 12 August, but sitting at 1.24% on 31 December. The figure on 4 January 2017 was 1.32%.
Xafinity head of proposition development Paul Darlow said there was no way of predicting how transfer values would fare in 2017, particularly given ongoing market uncertainty.
"There are a number of market commentators who say gilt yields have bottomed out, and they are going to start increasing at some point," he said. "If that's true, transfer values would also be expected to fall.
"But people have been saying gilt yields can't go any lower for the best part of 20 years and they've been proved wrong time and time again. There are good reasons why gilt yields could go lower from where they are today."
He argued the market's reaction to the early days of Donald Trump's presidency, as well as events surrounding Britain's negotiations for leaving the European Union, could swing transfer values up or down.
"Gilt yields are driven by, not just events, but the market's view of the health of the economy. The run-up to the triggering of Article 50 is key but any one week or month after that could also be quite key because lots can happen and change.
"I would expect there to be significant volatility over 2017. I would be surprised if transfer values stayed flat and stable. We'll probably see some big swings, but those swings could be either way."
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