Over nine in ten (94%) of pension transfer cases reviewed by the XPS Scam Protection Service raised at least one scam warning flag in July.

This was a 6% increase year-on-year and the second time the Index has passed 90% over the past year.

The review also revealed that pension transfer activity decreased in July.

The XPS Transfer Activity Index decreased to an annualised rate of 22 members in every 1,000 transferring their benefits to alternative arrangements.

While down from the two-year high seen in June, activity levels were still higher compared with much of 2024. XPS said this continues a pattern of greater overall stability across the market this year.

Transfer values were relatively stable in comparison to the previous few months, decreasing slightly to £139,000. XPS said the decrease reflected a continued period of low market volatility driven by more stable gilt yields and inflation expectations.

The Transfer Value Index shows the estimated cash transfer value of a 64-year-old member with a pension of £10,000 a year with typical inflationary increases.

Transfer Watch over the past 12 months

 Source: XPS Group, all data is at the end of each month