Defined benefit transfer activity increased in June for the third month in a row to high the highest levels seen since July 2020.

Defined benefit pension (DB transfer) activity fell to its lowest level since September 2020 in April but red flag cases rose to a three-month high.

DB pension transfer values recovered in March after dipping in February, according to the monthly XPS Transfer Watch.

Pension transfer activity slumped by 20% during 2020 but signs of possible scams climbed with 49% of transfers showing at least one 'red flag', according to a new report.