Home Scam/Fraud Protecting members from pension scams proposed changes to transfer rights

Protecting members from pension scams proposed changes to transfer rights

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The government is consulting on new conditions that will need to be met in order for a member to have a statutory transfer right. The new conditions are designed to help prevent transfers to scam vehicles which have claimed over £30m between 2017 and August 20201. The consultation closes on 9 June and the government intends to introduce the changes in autumn 2021. The Pensions Regulator is also expected to publish accompanying guidance.

The Pension Schemes Act 2021 imposes a requirement for certain conditions to be met before a member can transfer their benefits to another scheme. Under the government’s consultation proposals, one of…

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