The end of 2023 saw the rate of people transferring out of their DB pension fall to a five-year low, research from pensions consultancy XPS Pensions Group found.

Pension scheme surpluses have started the new year on a high despite increases in their liabilities, according to estimates from XPS Pensions Group.

The DB Pensions Transfer Value Index compiled by XPS Pensions increased by 2.6% during November to £156,000, the biggest increase seen since March.

The transfer value a typical DB pension could fetch fell below £150,000 in October for the first time since last year’s mini budget, according to pensions and SIPP firm XPS Group.