Pension transfers being 'unnecessarily' delayed due to scam warnings

PensionBee argues there is ‘no clear correlation’ between the number of scam flags and the number of scams

Martin Richmond
clock • 3 min read

Thousands of pension transfers are being “unnecessarily” delayed by providers raising scam warning flags when there is no actual risk of a problem, analysis from PensionBee finds.

This suggestion comes after XPS Group data showed there had been a rise in the percentage of red and amber warning flags raised relating to pensions transferred out of XPS administered schemes. In July, the consultancy's Scam Flag Index showed the amount of pension transfers which raised a scam warning flag exceeded 90% for the second time this year. However, PensionBee noted analysis of government data indicated there is "no clear correlation" between the number of flags raised and the number of scams. The provider's analysis of government data published in 2023 found of 290,000 pens...

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

Martin Richmond
Author spotlight

Martin Richmond

Reporter at Professional Pensions

More on Pensions

FCA launches consultation on adapting to a 'changing pensions market'

FCA launches consultation on adapting to a 'changing pensions market'

Outlines regime for digital pension planning tool

Holly Roach
clock 11 December 2025 • 3 min read
Lack of focus delaying pension transfers, Origo CEO warns

Lack of focus delaying pension transfers, Origo CEO warns

Advisers share months-long delays as PensionBee’s petition calls for ten-day transfer guarantee

Sahar Nazir
clock 11 December 2025 • 6 min read
Pension IHT: A minor win for executors, a missed opportunity for HMRC

Pension IHT: A minor win for executors, a missed opportunity for HMRC

'It's a great pity HMRC couldn't have been a bit braver and taken the sensible approach'

Rachel Vahey
clock 09 December 2025 • 3 min read