Two-thirds (60%) of defined benefit (DB) pension transfers triggered a 'red flag' warning for potential fraud or scams last month but the figure was down from December's record-high, data from XPS Pensions showed.
The consultant's Transfer Watch revealed red flags for pension scams were at 60% in January this year, a fall from the record high 76% the month prior. However, this number remains high in light of the hike in scam concerns across the pensions industry. By comparison, in February 2020 the pension scam red flag index sat at 34%. XPS' Transfer Watch - which monitors how market developments have affected transfer values for a typical pension scheme member - also revealed transfer values remained stable for the start of the year. The transfer value index showed a slight, but steady, fa...
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