Transfer Values have dropped 6% since the start of the year. While overall values remain low, the Index has shown a period of greater stability, with month-end values fluctuating within a £5,000 range over the past six months.
XPS Group's latest Scam Flag Index, reported that 92% of cases reviewed by the XPS Scam Protection Service in September 2025 raised at least one scam warning flag – a marginal 1% drop from August. This marks the first quarter since the summer of 2023 where the Index has remained above 90%.
Transfer activity increased slightly in September, with XPS Group’s Transfer Activity Index rising to an annualised rate of 18 in every 1,000 members transferring their benefits to alternative arrangements. After a steady start to 2025, the Index has shown greater volatility over recent months.
Helen Cavanagh, Senior Consultant, XPS Group, said: “Whilst transfer values have fallen over the course of 2025, we have also seen signs of greater stability over Q3 which is a promising sign, suggesting a more predictable environment for pension decision-making. This is crucial for members approaching retirement as they will be able to make more informed decisions about the options that may be most suitable for them.
This increased stability may also be having an impact on transfer volumes, which we have generally increase in 2025, despite the small dip in recent months.
It’s clear that the issue of pension scams is not going away, with the majority of transfers continuing to raise at least one scam warning flag, albeit it in many cases this is the ‘overseas investments’ flag which some may view as a lower risk flag.”
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