Pension group XPS has reported a 5% rise in profit (adjusted EBITDA) for the year ending 31 March and 7% total revenue growth, driven by client demand across the firms pensions divisions.

The number of defined benefit pension transfers with at least one warning sign of a potential scam or poor member outcomes has hit its highest level in five months.

One in three high risk pension transfers since July 2018 would satisfy the first condition of the Department of Work and Pensions’ (DWP) proposed scam reduction legislation, according to a new report.

Defined benefit pension (DB transfer) activity fell to its lowest level since September 2020 in April but red flag cases rose to a three-month high.