Pension transfer values rose by £9,700 during March, up to £244,900, according to research by XPS Pensions Group.

In its latest Transfer Value Index, XPS revealed that transfer valued peaked at almost £251,000 in March, before closing the month at £244,900.

The month-end transfer values and transfer value peak were the highest figures since XPS began its reports in April 2015.

Pension transfer values had remained unchanged in the two previous indexes, during January and February.

The difference between the minimum and maximum readings of the index during March was £15,600 (around 6.2 per cent), a significant increase on the difference in February, which was £5,100 (around 2.1 per cent).

This was also the highest monthly fluctuation since XPS began its monthly indexes.

Over the quarter, the index has increased by £9,700 with the difference between maximum and minimum readings being £18,700 (around 7.5 per cent).

Commenting on the index, XPS head of DB growth, Sankar Mahalingham said: “The movements in the transfer value index during March were largely driven by gilt yields, which fell by as much as 0.35 per cent, and ended the month around 0.3 per cent down.

“Inflation also increased by as much as 0.15 per cent but ended the month unchanged from the previous month end.

“Gilt yields were observed to drop markedly during the period from 19-22 March, around the same time as debate and votes in the House of Commons led to a change in the proposed Brexit date.

“It is likely that further Brexit-related developments will continue to drive market movements for the foreseeable future.”

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