Pensions transfer data showed a high proportion of ‘red flags’ in October with over 60% of transfers showing signs of possible scams.
Data from consultancy XPS showed that the Coronavirus pandemic seems to be causing an increase in the proportion of red flags being identified at the point of pension transfer.
According to the data, 38% of transfers showed signs of possible scams at the start of the first lockdown in April.
October data from XPS Pension Group’s Transfer Watch also saw transfer values moving marginally over the month and activity increasing slightly.
Average transfer values in October were £257,000 in comparison to £256,000 in September. This compared to £246,000 in January.
The Transfer Activity Index increased from 0.52% in September to 0.62% in October. This compared to 1.03% in January.
XPS Pension Group’s Transfer Watch monitors how market developments have affected transfer values for a typical pension