The estimated transfer value quote for the average defined benefit (DB) member stayed fairly stable over November, according to Xafinity.
At both the start and the end of the month, the figure was £232,000, the consultancy recorded, and up just £1,000 since 31 October.
Despite the Bank of England's decision to raise the base interest rate by 25 basis points to 0.5% in early November, the market's anticipation of the event meant this had very little impact on average transfer values.
During the month, these flitted between their highest and lowest value by £3,000, the consultancy recorded.
The figure is calculated for an example DB member aged 64 who would be entitled to an annual inflation-linked pension of £10,000 at age 65.
Head of DB growth Sankar Mahalingham said the figure shows the market had priced in the rate rise.
"Transfer values remained very stable during November, continuing the trend we have seen since mid-September," he said. "The rise in the Bank of England official bank rate in early November, which was the first for over 10 years, was widely anticipated by markets and did not result in a reduction in transfer values in November.
"Another rise is anticipated by the end of 2018, but another delay in a rise (which until very recently has tended to be the case) would mean an increase in transfer values."
The figure is roughly the same as at the end of November last year, when a DB member might have received £230,000, but significantly down from September 2016's record £243,000 estimate.
Last week, Xafinity announced its planned acquisition for some of Punter Southall's businesses in a £153m deal next year.
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