Pension scams: Five red flags to look out for

In January 2015, the Pensions Ombudsman issued several decisions that clarified the legal tests around whether a pension scheme is a genuine occupational scheme. However, if the scheme fails to meet those tests, it may then come down to the scheme administrator's discretion (depending on the scheme rules) as to whether the transfer proceeds. It is, therefore, important for the scheme administrator to carry out due diligence on the parties involved in the transfer in order to protect the interests of the customer, especially if they are in the process of becoming the unwitting victim o...