Defined benefit pension transfer values held up close to their record high for most of September but slipped in the last 10 days of the month due to a sharp increase in government bond yields.

Record DB pension transfer values have pushed up average costs for transferees by 10% in one year.

The XPS DB Transfer Index rose sharply in July to end the month at £260,000, just short of the record high of £261,500 seen in July 2020.

Defined benefit transfer activity increased in June for the third month in a row to high the highest levels seen since July 2020.