Half of post-lockdown pension transfers trigger scam 'red flags' - XPS

The figure is part of the firm's submission to the Work and Pensions Committee call for evidence on the impact of pensions freedoms five years after they were introduced, which includes gathering data on the growing problem of pension scams before and after the pandemic struck. XPS Pensions Group said there had been a steep rise in "red flag cases" from one in eight between 2015 and 2018 to about half of all cases in July and August 2020 - which covers people accessing their pension pot after the onset of Covid-19. It explained factors triggering a red flag have changed. Those targ...