Pension scam consultation on transfers is 'ill-conceived'

Mark Battersby
clock • 4 min read

New UK regulations aimed at reducing pension scams will force trustees or scheme managers of occupational and personal pension schemes to meet at least one of four conditions before they act on a pension transfer request from a scheme member, the UK's Department for Work and Pensions (DWP) set out today (14 May) in a consultation which will run until 9 June 2021. But in quick reaction, Andy Bell, chief executive of AJ Bell, argued the consultation was ill-conceived: "Tackling financial fraud is one of the most significant challenges facing the industry today and we have campaigned tirele...

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