Webb begins crackdown on pension transfer deals

The minister is concerned about enhanced transfer value exercises (ETVs), in which employees in final salary pension schemes are offered immediate increases to their pension pots, or about other incentives such as offering large cash lump sums to transfer to defined contribution (DC) schemes, the Financial Times reports. This practice is not illegal, but TPR last year set out stricter guidance on providing incentives. The FSA also issued a warning over advice on ETVs in July last year. Webb was angered over reports employers offered staff large cash sums, just before Christmas, to per...