The Pensions and Lifetime Savings Association comments on the Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021.
Nigel Peaple, Director of Policy and Advocacy, PLSA, said: “The new measures giving trustees power to prevent transfers to potential scams tighten the defences around savers and make it harder for criminals to get their hands on people’s pension savings.
“Trustees will be able to stop a transfer where a red flag is raised or pass the potential scam victim to MoneyHelper where there is an amber flag or they have doubts about the entity being transferred to. Also very welcome is the commitment to review the measures in 18 months to stay ahead of the scammers.
“The Department for Work and Pensions has listened to many of the concerns expressed by the industry about how the regulations would work in practice and made the system more straightforward.”
Mark Smith, Senior PR Manager
020 7601 1726 | [email protected]
Steven Kennedy, Senior PR Manager
020 7601 1737 | 07713 073024 | [email protected]