Kirsty Pake comments on TPR’s new transfer regulations
Kirsty Pake, senior associate comments on The Pensions Regulator’s new guidance for helping trustees understand their new powers to halt suspicious transfers.
The regulations, arising from the Pension Schemes Act 2021, introduce a system of red and amber flags, giving trustees the power to refuse transfers where there’s a heightened risk it may be part of a scam.
Kirsty said “These changes are the latest in a long line of measures designed to protect members from pension scams. In certain circumstances, trustees will be empowered to refuse to make a statutory transfer, but it is expected that most transfers will continue to be made with minimal intervention.
There is a lot of detail in the final regulations and accompanying guidance to get to grips with. Trustees and administrators will need to act quickly to review and update their transfer processes and member communications before the new requirements come into force at the end of this month.”