Average pension transfer values in May fell to £217,000, the lowest level seen since June 2016, as the number of transfers raising one or more warning flags rose to 83%.

A record high 78% of pension transfers raised at least one warning sign of potential scam activity in April.

Seven in ten pension transfer requests made in March showed indicators according to the XPS Pension Scam Flag Index.

The proportion of DB transfers showing red flags for a potential scam or poor member outcomes rose to 50% in January.