Transfer values climb 7% to 'eye-watering sums'

James Phillips
clock • 1 min read

Xafinity has issued a scam warning to trustees after transfer values continued to swell over August.

The firm's transfer value index estimated the average defined benefit (DB) transfer value had hit £241,000 by 31 August, up £16,000 from 31 July. This represents a 7% increase over the month, and a 16% increase since the same date in 2015.

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 proposition development Paul Darlow said trustees need to be wary of any suspicious transfer requests.

He said: "An increase of 7% in just one month is extraordinary, and illustrates the eye-watering sums potentially now on offer to members of defined benefit schemes.

"I think there is a real risk that pension scammers will seek to exploit this by convincing unwary members to move their pension into bogus investments. We should all be on guard to help protect members."

The tracker's update comes one week after research found three quarters of advisers had seen an increase in the number of transfer requests since the introduction of the freedoms in April 2015.

 

James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

More on Defined Benefit

UK finance chiefs say DB schemes remain time-consuming

UK finance chiefs say DB schemes remain time-consuming

Nearly three quarters say ‘significant’ time spent on DB despite strong funding levels

Alex Levy
clock 03 November 2026 • 1 min read
Partner Insight: What we share sets us apart

Partner Insight: What we share sets us apart

Rosie Fantom, Head of Pension Risk Transfer, explains how BPA Plus combines guaranteed security with the potential to share more value.

Rosie Fantom, Head of Pension Risk Transfer @ M&G
clock 03 November 2026 • 4 min read
Budget 26: 'Every penny' of Mineworkers' scheme surplus to be paid back

Budget 26: 'Every penny' of Mineworkers' scheme surplus to be paid back

Chancellor’s commitment comes after last-minute doubts

Alex Levy
clock 28 October 2026 • 2 min read
Trustpilot