The XPS Pensions’ Transfer Watch monitoring service has flagged up 64% of recent pension transfers as showing signs of a potential scam, a record number.

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.

After an unsteady period, defined benefit (DB) pension transfer values increased to a record high during June and the number of members taking a transfer value rebounded strongly too.