More than £70m of pension savings at risk to scams - XPS Pensions Group

Up 21% points in 12 months

Hannah Godfrey
clock • 1 min read

There has been a significant increase in the number of 'red flags' reported on pension transfers in the last 12 months by the XPS Pensions Group, which it said leaves millions of pounds at risk.

Between June 2018 and June 2019, the number of red flags reported by XPS's scam identification team almost tripled. In June 2018 the team found warning signs of scam activity every one-in-eight (13%) cases, which rose to one-in-three (34%) in the current climate.  The reported scam activity represented £73m of member's pensions savings during the past 12 months. XPS said the increased reporting of so-called ‘red flags' showed scam awareness is improving. The pensions consultancy firm said talking directly to a scheme members about their transfers increases the likelihood of finding re...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

Watch PA's Working Lunch with L&G: Navigating the new landscape of retirement solutions

Watch PA's Working Lunch with L&G: Navigating the new landscape of retirement solutions

Catch up on the discussion

Professional Adviser
clock 09 April 2026 • 1 min read
The changing nature of retirement planning

The changing nature of retirement planning

Retirement planning conversations must 'evolve'

Lorna Shah
clock 02 April 2026 • 4 min read
The advice dividend in an age of retirement uncertainty

The advice dividend in an age of retirement uncertainty

The UK pensions landscape has become progressively more complicated in recent decades

Andrew Tully
clock 17 February 2026 • 4 min read