Regulations will require immediate trustee action and ongoing, proactive intervention
In an attempt to reduce the number of people falling victim to fraudulent activity, the Government is implementing new regulations which will limit occupational and personal pension scheme members’ statutory right to transfer their savings where a scam is suspected.
Regulations come into effect on November 30, 2021
The Department for Work and Pensions (DWP) consulted on a draft of the ‘Conditions for Transfer’ regulations earlier this year – and published its response on 8 November 2021 – with the new regime coming into effect just a few weeks later on 30 November.
Trustees will need to take certain immediate actions – in particular to ensure their scheme administrators have updated processes for dealing with pension transfers to reflect the new rules, and that appropriate checks are carried out on receiving schemes.
"As well as reading TPR’s guidance, trustees should engage with their scheme administrators and advisers as a matter of urgency."
Read our briefing note
Download our briefing note which gives an overview of the new regulations and what they mean for trustees.
You will see at a glance what your responsibilities and what the transfer conditions are.
DOWNLOAD NOW
Stay up to date
Get the latest independent commentary and exclusive insights from a range of experts at the forefront of pensions, investment, insurance and risk – tailored to your preference.
Subscribe today