Pension schemes are in favour of the Labour government introducing tax incentives to increase pension investment in UK growth, according to a new survey.

DB pension transfer activity increased ‘marginally’ in May - reversing a downward trend - with transfer values remaining stable, according to the latest XPS Pensions monthly transfer report.

The rate at which pension savers were transferring out of their defined benefit pensions hit a new record low in April 2024, with only 14 members in every 1,000 transferring.

Pensions consulting and administration business XPS Pensions Group has promoted 147 people, including 11 new partners, across its actuarial, pensions, investment, covenant, administration and SIPP businesses.