Pension scam reg flags at highest level on record

Article summary

XPS Pensions Group has reported that pension scam red flags are at the highest level on record. XPS Pension Group’s Transfer Watch monitors how market developments have affected transfer values for a typical pension scheme member. It also shows how many members are choosing to take a transfer from their DB pension scheme and, through its Red Flag Index, shows the incidence of scam red flags identified at the point of transfer. In November 2020 there was a new high in the Red Flag Index with 64% of transfers showing at least one warning sign of a potential scam.