Defined benefit transfer values continued to fluctuate in May, growing by £4,000 over the month, according to Xafinity.

As measured by the Xafinity Transfer Value Index, values grew to £241,000 from £237,000 in April.

Despite a small, 1.7 per cent month-on-month increase, the variation over May 2017 was over 3.5 per cent, or £9,000, similar to figures in April, following a relative period of calm for transfer values over the first quarter of 2017.

Xafinity director Sankar Mahalingham, commented: “In May 2017 we have seen a continuation in the volatility of transfer values experienced in April; this month it has been caused mainly by variation in gilt yields.

“Depending on the outcome of the General Election, and with negotiations for Britain to exit the EU about to start in earnest, we expect the volatility will continue for some time yet. Members continue to investigate this option while transfer values remain at high levels.”

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