Scam red flags in half of post lock down transfers
There is rightly a growing industry focus on protecting pension members from scams. The Work and Pensions Select Committee have issued a call for evidence which XPS have responded to.
Post lockdown further, we are seeing scam red flags in over 60% of all transfers covered by our Scam Protection Service – a significant increase from a third over the last two years. These red flags have largely been a result of members having little to no understanding of where their savings are going and the fees they will be charged.
Over five years the XPS Scam Protection Service has helped protect 4,500 members’ transfers totalling over £1 billion. We see one to one conversation and engagement as key to protecting members leaving pension schemes. XPS Scams Protection Service is available now to help you protect your members.
Regulator pledge – industry asked to step up processes to combat pension scams
With the growing risk from pension scams, the Pensions Regulator is asking trustees, administrators and providers to pledge to protect members from pension scams. A key part of this recognises the importance of engaging directly with members in line with the XPS Scam Protection Service. We can help you review and improve the processes you have in place to identify scams and engage with members in order to be able to meet the pledge. We believe the pledge will become a reference point in future if members do unfortunately fall victim to a scam.
XPS Pensions Group are proud to have signed up to the pledge.