Govt proposes pension transfer controls to stop scams

In a consultation out on 5 December the government proposed restricting people's right to transfer their pensions by forcing them to prove they are in a genuine employment relationship with the receiving occupational scheme, including providing evidence of regular earnings. Alternatively, the receiving pension scheme would need to be an authorised master trust or a personal pension scheme operated by a regulated firm. The government said it wanted to crack down on increasing numbers of fraud related to pension transfers. Since pension freedoms came into effect in April 2015, more a...