Pension transfer values fell from £233,000 at the end of July to £232,000 at the end of August, according to XPS Pensions Group's monthly index.
The difference between maximum and minimum readings of the index over August was £4,100 - or around 1.7%. Transfer values were at the highest on 16 August, at £235,501, and the lowest on 29 August, at £231,403, the consultancy, previously named Xafinity, said.
The index has recorded transfer values remaining fairly stable over the year. In July, the index finished the month where it started, while during the first half of the year, the index only fluctuated by £8,300, or 3.6%.
The figures are based on an estimate of the transfer value that would be provided by a hypothetical defined benefit (DB) scheme to a member aged 64 who is entitled to a pension of £10,000 each year, starting at age 65, with allowances for an increase each year in line with inflation.
The consultancy's head of DB growth, Sankar Mahalingham, said: "Transfer values remained very stable during August 2018, continuing the trend we have seen since September 2017. Both gilt yields and inflation have remained stable during the month."
The figures come against a backdrop of more and more members seeking transfer quotes, with an Aon study, published in May, finding 40% of schemes had seen a "significant rise" in requests.
Late in August, The Pensions Regulator wrote to 14 schemes which had seen a high volume of transfer requests urging them to reduce transfer values in order to protect potential transferees falling foul of scams, and to protect members remaining in the scheme.
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