June 13, 2021
Scam/Fraud

Pension transfer regulations: empowering trustees and protecting members?

At present pension scheme trustees have little scope to refuse a member’s request to transfer their pension savings to another scheme, even where there are significant concerns that the receiving scheme might be a scam. Since 2015, about £10 billion has been lost to pension scams, according to the Pension Scams Industry Group, whilst Action Fraud recently warned savers to remain vigilant, estimating that £1.8 million has already been lost to pensions fraud in the first three months of this year.

On 14 May 2021 the Department for Work and Pensions (DWP) published a consultation on draft regulations aimed at protecting pension scheme…

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