Pension transfer values end volatile year 8% up; scam 'red flags' at record high

‘Substantial volatility’

XPS's Red Flag index 'reached a record high in December with 76% of transfers showing at least one warning sign of a potential scam.
XPS's Red Flag index 'reached a record high in December with 76% of transfers showing at least one warning sign of a potential scam.
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Pension transfer values ended 2020 at £259,000, 8% higher than the start of the year, according to XPS Pension Group after suffering periods of substantial volatility linked to the pandemic while potential scams reached record highs.

Despite ending on a high, XPS said transfer activity was down 20% compared to 2019. It said about 75 defined benefit (DB) scheme members transferred in every 1,000 that were eligible. That was down from...

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