Defined benefit (DB) pension transfer activity increased to the highest rate seen since July 2020 last month, while scam red flags remained “very high”, according to XPS Pensions Group’s Transfer Activity Index.
The group’s Transfer Activity Index showed that DB pension transfer activity continued to increase in June, with an annualised rate of 75 out of every 10,000 members transferring their pension, the highest rate in over a year.
The Transfer Value Index recorded “a very small fall” from £251,000 to £248,000, which XPS highlighted as a reflection of the continued period of stability in the financial markets.
However, the group warned that whilst the Scams Red Flag Index fell 6 percentage points from the five-month high of 61 per cent recorded in May, it still remains “at a very high level”, with 55 per cent of transfers displaying at least one warning sign of a potential scam.
XPS Pensions Group head of member options, Mark…