Pension transfer values rose last month from £232,000 at the end of February to £235,000 by the end of March, according to Xafinity's Transfer Value Index (TVI).
The difference between the maximum and minimum readings of the TVI throughout the month was £4,400, or about 1.9%.
The rise in value follows a stable February, where the index began at £231,000 at the end of January and had risen to £232,000 by the end of February.
Xafinity Punter Southall head of DB growth Sankar Mahalingham put the rise in value down to a drop in gilt yields.
"The increase in transfer values over March was mainly due to a drop in gilt yields over the month," he explained. "The Bank of England Monetary Policy Committee (MPC) kept the Official Bank Rate at 0.5% during the month but the market is anticipating gradual rises during 2018.
"Any delay in actual rises would likely mean an increase in transfer values if the delay is expected to be prolonged."
Xafinity's index tracks the transfer value that would be provided by a hypothetical DB scheme to a member aged 64 who is entitled to a pension of £10,000 each year, starting at age 65. It increases each year in line with inflation.
Transfer values remained high during 2017, fluctuating throughout the year. By the end of the year, however, the hypothetical pension was worth £236,000 - little changed from the 2016 year-end figure of £234,000.
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