SIPPs targeted by scammers, as account for up to 95% of all pension transfers
The Pension Scams Industry Group (PSIG) reported in their Research Pilot Report that self invested personal pensions (SIPPs) are increasingly becoming the vehicle that scammers are targeting. The data is based on a pilot study using 2018 data from 3 companies: Phoenix Life Assurance Company, Standard Life Assurance Company and XPS Pensions Group.
Since 95% of all pension transfers have involved SIPP transfers, it is easy to see why they are being exploited by scammers.
The main concern for the PSIG is the advisers or intermediary involved in the transfer. The report found that 52% of all transfers red flagged involved an unregulated introducer, an adviser in a different country from the member, or an adviser who appears on an internal watch list because of previous concerns.
Further worrying was that in almost half of all cases, members had little or no knowledge about who was providing the advice, the fees or the scheme where their pension was being transferred to.
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