Transfer values hit a new high in July 2016, as gilt yields fell to a record low, according to Xafinity.
The firm's transfer value index reported the size of defined benefit (DB) transfer values hit £227,500, which was a record high, in the week beginning 8 July.
At the end of July, the predicted transfer value was £225,000, which was £2,000 higher than the figure at the end of June and around £21,000 (10%) higher than at the start of the year.
The index is based on how much it estimates an example DB scheme would provide to a member aged 64, currently entitled to an annual pension of £10,000 at age 65. It also accounts for rises with inflation.
The figure was also around £13,000 higher than the approximate value immediately after the 23 June referendum on Britain's membership of the European Union.
Head of proposition development Paul Darlow warned the higher cost of transfers may present problems to DB trustees.
He said: "The reductions in gilt yields that we saw immediately after the Brexit vote have persisted. This has kept transfer values high.
"If this persists it will raise interesting questions for pension scheme trustees, particularly if significant numbers of members request transfers at a time when pension schemes' deficits have tended to increase."
Gilt yields fell to a new record low today (4 August) after the Bank of England cut interest rates to 0.25% and approved £70bn of quantitative easing.
There has also been speculation the government could impose a ban on transfers if scheme trustees convert annual pension increases from the retail price index to the relatively lower consumer price index.
However, industry experts said this is only likely if trustees deem it in the best interests of their members.
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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.