Pensions transfer data showed a high proportion of 'red flags' in October with over 60% of transfers showing signs of possible scams.

The XPS Pension Transfer Watch Index for September has revealed that pension transfer activity plummeted at the same time as scam alerts surged - with 62% of pension transfers highlighted as potential scams.

Over 50% of pension transfers covered by one pension firm’s scam protection service have been flagged up as at risk of a scam since the pandemic hit.

Pension group XPS has reported flat profits for the 12 months ending 31 March at £11.4m but remains positive about the year ahead.