Media Release
For immediate issue
19 June 2015
36% of pension schemes have observed potential scam activity
Over a third of pension schemes (36%) have observed potential scam activity relating to transfers
out of DB schemes. However, according to the latest survey from Xafinity (carried out since the new
pension freedoms were introduced in April 2015), 43% said they had not seen any suspicious activity
relating to transfers, whilst the remaining 21% were not sure.
Xafinity, which has been advising schemes on how to identify potential pension scams, is advising
that scams are becoming increasingly sophisticated and that scammers are constantly adapting to
avoid detection by pension schemes and members. Xafinity also advises that it has seen an increase
in members asking to transfer their benefits in order to invest their transfer value in unregulated
investment products.
In light of this, Xafinity is holding a free online seminar to explain what pension schemes can do to
protect their members from falling victim to pension scams.
Representatives of pension schemes can register to attend this online seminar via the following link.
www.xafinity.com/protectingyourmembers
Paul Darlow, head of proposition development at Xafinity stated “The results of pension scams can
be devastating for members, and pension schemes alike. The new Code of Good Practice should help
pension scheme Trustees to be alert to, and respond to, the risk of pension scams, and help to protect
pension scheme members. I hope that our online seminar will be useful to Trustees in understanding,
and reacting to, the risks posed to make sure that their members are protected.”
ENDS
For more information:
Charlotte West
Xafinity
T: 020 3725 7024
E: [email protected]
Vaughan Andrewartha
Votive Communications
T: 0207 248 6058
E: [email protected]
Notes to editors:
Xafinity
Xafinity is a market leading actuarial, pensions and employee benefit consultancy providing a full
range of consulting and administration services to over 500 clients. We combine expertise, insight
and technology to address the needs of both trustees and companies, specialising in pension derisking solutions. We are committed to providing a professional and proportionate service, tailored to
our clients’ needs and delivered cost effectively.
www.xafinity.com