DB transfers falter as potential scam activity rockets - XPS

Members struggling to find suitable adviser

Helen Cavanagh: "This is a continuation of the rise seen since the start of lockdown and, within these figures, we see a significant number of members not fully understanding the fees they are paying.”
Helen Cavanagh: "This is a continuation of the rise seen since the start of lockdown and, within these figures, we see a significant number of members not fully understanding the fees they are paying.”
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Activity in the defined benefit (DB) transfer market fell to a record low in September, while the number of transfers exhibiting scam ‘red flags’ increased to a new high of 62%, according pensions consultancy XPS Pensions Group.

Transfer activity in firms with schemes administered by XPS fell to a new low in September, to an annual equivalent of 0.54% of eligible members, down from 0.67% in August. September's stats represent...

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