Pension scam signs close to record highs - XPS

Some 70% of transfer requests raise flags

Hope William-Smith
clock • 2 min read

Seven in every ten requests for a defined benefit (DB) pension transfer are raising scam warning flags, XPS Pensions Group says.

The consultant said signs of transfers where a scam might be present "soared" last month as shown by its scam flag index. The March increase represents the third consecutive monthly increase in the prevalence of scam warnings. XPS confirmed the seven-in-ten statistic is the highest rate of scam flags since December 2020, when an all-time high of 76% was reached. In terms of actual transfers, the current downward trend continued during March with another month of record low number of DB members completing transfers. Member engagement hub client lead Helen Cavanagh said updated tr...

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