One-third of pension transfers with 'scam signs' would pass proposed rules

clock • 2 min read
One-third of pension transfers with 'scam signs' would pass proposed rules

One in three of the transfers showing ‘red flags' for a scam since July 2018 would have been allowed under the Department for Work and Pension's proposed regime, according to new research data from consultancy XPS. The flag system is designed to allow scheme trustees to prevent transfers which they believe there is a risk of a member falling victim to a pension scam, yet XPS data revealed that one in three high risk pension transfers since July 2018 would have satisfied the ‘first condition' of...

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