Pensions - Articles - Transfer values continue to slide

 83% of transfers reviewed raised one or more warning flags, according to the Scam Flag Index, the highest rate observed in the tracker’s history and an increase of roughly 30% since the beginning of 2022.

 After a six-month period of decline, the rate of members completing transfers record in the XPS Transfer Activity Index rebounded slightly to an annualised rate of 37 members per 100,000.

 Helen Cavanagh, Client Lead, Member Engagement Hub, XPS Pensions Group, said: “We continue to see the rate of potential scam activity referrals tick up. The majority of transfers reviewed are now assessed against the new transfer value regulations, with the overseas investments flag registered in three quarters of cases where a flag was present.”

 Mark Barlow, Head of Member Options, XPS Pensions Group, added: “It is interesting to see a small uptick in members completing a transfer during May, despite the continued slide in transfer values. This could be a response to the cost of living crisis, highlighting the importance of providing support to members to ensure they don’t make an uninformed decision or leave themselves susceptible to scammers.”