There has been a significant increase in the number of 'red flags' reported on pension transfers in the last 12 months by the XPS Pensions Group, which it said leaves millions of pounds at risk.
Between June 2018 and June 2019, the number of red flags reported by XPS's scam identification team almost tripled. In June 2018 the team found warning signs of scam activity every one-in-eight (13%) cases, which rose to one-in-three (34%) in the current climate. The reported scam activity represented £73m of member's pensions savings during the past 12 months. XPS said the increased reporting of so-called ‘red flags' showed scam awareness is improving. The pensions consultancy firm said talking directly to a scheme members about their transfers increases the likelihood of finding re...
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