Volatile gilt yields saw the estimated average defined benefit (DB) to defined contribution (DC) transfer value fall by £9,000 over June, Xafinity has said.
The consultancy's monthly tracker recorded values dropped from £241,000 to £232,000 over the month, reaching their lowest month-end level since November last year.
Volatility has been a recurrent theme over the second quarter of the year, with a variation of around 5.2% or £13,000, Xafinity added, largely due to the macroeconomic consequences of political events, such as the start of Brexit negotiations and the snap general election.
The calculation is made based on how much an example DB scheme would provide to a member aged 64, who would have a £10,000 annual pension at age 65. The estimation also builds in inflation.
Head of DB growth Sankar Mahalingham said the current environment was "unprecedented" and would undoubtedly impact transfer values.
"In June 2017 we have seen a continuation of the volatility of transfer values that we saw in April and May, with changes in gilt yields being the main driver," he said. "The volatility we have seen over the second quarter of 2017 is a result of a number of issues such as the uncertainty caused by the general election and commencement of Brexit negotiations.
"These are unprecedented times. It remains to be seen whether we will enter a period of relative calm again over the summer months, or whether (as is perhaps more likely) this volatility will continue into the foreseeable future."
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