WPC chairman to seek transfer pause where scams suspected

Calls for scam enquiry

James Phillips
clock • 2 min read

Work and Pensions Committee (WPC) chairman Stephen Timms will table an amendment to the Pension Schemes Bill to allow schemes to pause transfers when a scam is suspected.

Timms, who was appointed to the role in January, declared his intentions during a webinar organised yesterday (25 June) by Prospect. The amendment will be brought forward when the bill reaches the House of Commons, but it is expected to be aimed at restricting the statutory right to transfer to a scheme where due diligence shows any identifies of scam activity. Timms said: "A relatively small change to legislation could be a potentially huge step in protecting savers from handling a lifetime of savings to scammers by requiring an appropriate level of due diligence takes place first." ...

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James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

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