Partner Rosalind Connor comments in Pensions Age on new regulations aimed at combating potential scams
These regulations, introduced in November 2021, enable pension providers to flag and block transfers that show signs of a potential scam on the basis of listed criteria.
Rosalind Connor commented:
“Although they are aiming to deal with a serious issue – the ongoing pensions scams risk – their reach is much broader than that.”
“The problem is that a red flag, such as an incentive, doesn’t just take away the right of a member to demand a statutory transfer, but also the ability of a pension scheme to make one. The legislation is clear, and the market has to live with that unless and until the regulations are changed.”
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