Xafinity SIPP and SSAS has rebranded as XPS Self Invested Pensions following the creation of XPS Pensions Group three years ago when Xafinity acquired the actuarial and administration divisions of Punter Southall.
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.
Defined benefit pension scheme members could still be waiting to receive payments as much as £25,000 following the Guaranteed Minimum Pensions (GMP) Equalisations judgement in October 2018, according to a pensions consultancy.
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.
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.
A slight shift to less expensive SIPPs has resulted in a modest improvement in outcomes for pension scheme members choosing to transfer when compared to last year, according to a new survey.
Pension group XPS has reported flat profits for the 12 months ending 31 March at £11.4m but remains positive about the year ahead.