Pension transfer values fell to a new month-end low in May, the third consecutive monthly record.

The Pensions Regulator (TPR) says it expects DB schemes to switch their focus from deficit recovery to ‘endgame planning’.

Defined benefit pension transfer activity has fallen to its lowest rate since the XPS Group’s Transfer Activity Index was established in 2018.

Defined benefit pension transfer values fell to their lowest value for six years at the end of December after a significant decline in the final quarter, according to pension provider and consultant XPS’s Transfer index.