Warning As 62% Of Pension Transfers Flagged As Suspicious

Law360, London (October 15, 2020, 2:02 PM BST) -- Six in 10 pension transfers that took place in September were potentially linked to scams, a consultancy has warned, as it backed proposed new rules to allow trustees to block suspicious activity.

XPS Pensions Group said that 62% of cash withdrawals from defined benefit schemes last month had at least one so-called red flag attached, a sign that it could have been initiated by a scammer. The flags were raised by an XPS service, Transfer Watch, which tracks pension transactions.

The company said the number was an increase on those reported in August and attributed largely to concerns that fraudsters are preying...

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