XPS Group’s Transfer Value Index reached a 12-month low, dropping to £151,000 during November 2024 before then recovering to its previous month-end position of £153,000. This continues the trend seen across 2024 of the Index remaining low and being broadly flat.
XPS Group’s Transfer Activity Index saw a marginal increase over November 2024, to an annualised rate of 20 members in every 1,000 transferring their benefits to alternative arrangements. This is only the second time in the past 12 months where the Index has been at or above 0.2%.
89% of cases reviewed by the XPS Scam Protection Service in November 2024 raised at least one scam warning flag, according to XPS Group’s Scam Flag Index,. This represents an increase of 3% compared to October 2024, but overall, the Index remains relatively stable.
Helen Cavanagh, Senior Consultant, XPS Group, said: “The trend of lower transfer values continued into another month in 2024, as we observed yet another month of the Transfer Value Index remaining steady. Although there has been a small increase in transfer activity over the month, transfer volumes continue to be very low. We also note a rise in the number of cases raising a scam warning flag, reminding us of the need to have robust processes in place to safeguard members’ benefits.”
Chart 1 – XPS Transfer Value Index
Chart 2 – XPS Transfer Activity Index
Chart 3 – XPS Scam Flag Index
Table 1 – Transfer Watch over the past 12 months
Source: XPS Group – All data is at the end of each month.
