Pensions - Articles - Call to protect members as pension scam red flags stay high


XPS Pension Group’s Transfer Watch monitors how market developments have affected transfer values for a typical pension scheme member, how many are choosing to take a transfer from their DB pension scheme, as well as how many scam red flags are being identified at the point of transfer.

 October shows continued high proportions of red flags with over 60% of transfers showing signs of possible scams. Transfer values have moved marginally over the month and activity has increased slightly.

 November also saw the Pensions Regulator release its pledge, asking the industry to step up to take action to protect members from scams. The pledge sets out TPR’s expectations of the industry and the minimum it thinks should be done to combat scams. Given the number of red flags this is a very welcome development for members.

 Mark Barlow, Partner, XPS Pensions Group commented: “Despite the significant economic uncertainty arising from the Coronavirus pandemic, Brexit and the US election, transfer values remained surprisingly stable during October. We have also seen activity pick up from the record low experienced in September

 Helen Cavanagh, Client Lead, XPS Member Engagement Hub added “The launch of the Pensions Regulator’s pledge is a welcome initiative as it empowers trustees to commit to a step change in making members aware of scam risks. Pension scams have been a growing concern for some time, but particularly at the moment as the wider economic and social consequences of COVID-19 make members more vulnerable.”

 
 Chart 1 – XPS Transfer Value and Transfer Activity Index

 

 
 Chart 2 – XPS Red Flag Index
 

Back to Index


Similar News to this Story

Auto enrolment nets 800K more savers but challenges remain
89% of eligible employees were participating in a workplace pension in 2024. 21.7 million are saving into a workplace pension - more than double the 1
2025 to 2026 PPF levy invoicing on hold
We’re informing our levy payers that we’re putting the 2025/26 PPF levy invoicing on hold and expect to provide a further update this Autumn. The emai
Rethinking pension adequacy through a global lens
Festina Finance is urging UK policymakers to rethink what ‘pension adequacy’ really means, and to look to other countries for tried and tested solutio

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.