Pensions - Articles - Scammers persist to target vulnerable members

 XPS’s latest Transfer Value Index showed relative stability transfer values compared to the previous few months. The Index decreased slightly to £139,000, reflecting a continued period of low market volatility driven by more stable gilt yields and inflation expectations.

 Meanwhile, XPS Group’s Transfer Activity Index decreased in July to an annualised rate of 22 members in every 1,000 transferring their benefits to alternative arrangements. While down from June’s two-year high, this still reflects elevated activity levels compared with much of 2024, and continues a pattern of greater overall stability across the market this year.

 Helen Cavanagh, Senior Consultant, XPS Group, said: “The increase in the Scam Flag Index highlights the persistent vulnerabilities around pension transfers, with 94% of cases last month triggering at least one potential scam warning sign. This ongoing trend reinforces the need for stronger safeguards across the industry — not just through regulation, but through better systems and member support.”