Pension scams—limits on the statutory right to transfer
Published by a LexisNexis Pensions expert
Practice notesPension scams—limits on the statutory right to transfer
Published by a LexisNexis Pensions expert
Practice notesFORTHCOMING DEVELOPMENT: The government had committed to publish a review of the Occupational and personal pension Schemes (Conditions for Transfers) Regulations 2021, SI 2021/1237 within 18 months of the regulations coming into force (ie by the end of May 2023) to determine whether they remain appropriate/effective in targeting pension scams and whether they give rise to unintended consequences.
After a small delay, the results of this review were published on 21 June 2023. The DWP concluded that:
—the original policy intent of the regulations remains appropriate, but
—given the pensions industry’s concerns on the application of the regulations (particularly, the incentives and overseas investment flags), the DWP will conduct further work with the pensions industry and the Pensions Regulator to consider if changes could be implemented to the regulations to improve the pension transfer experience, without undermining the policy intent
Statutory framework
Pensions liberation (and in particular the case Hughes v Royal London) has highlighted the trustees’ inability to stop a member exercising their statutory
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