13 January 2021

Red flags spell danger

Red flags spell danger

Did you know that XPS Pension Group found that 64% of transfers had at least one ‘red flag’ warning to say that it was a potential scam?

Throughout November 2020, XPS monitored how many members were deciding to take a transfer for their defined benefit pensions and through its Red Flag Index, it showed some warning signs at the point of transfer.

This means we need to be extra careful when it comes to our pension savings.

Pension scams by numbers…

  • £30 million has been lost to scammers since 2017;
  • 42% of savers are at risk of falling for common scam tactics e.g. cold calling (which is illegal);
  • A typical pension scam victim is a male in their fifties;
  • Scammers target pots ranging between £1,000 and £500,000; and
  • A saver could lose 22 years’ worth of savings if they’re not careful.

Scary stats, right? It’s worth reminding yourself of the warning signs and The Pensions Regulator has got them nailed. Visit www.thepensionsregulator.gov.uk/en/pension-scams for more information.

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