Regulators warn P&O members against 'quick decisions' on pension transfers

TPR, FCA and Maps

Hope William-Smith
clock • 2 min read

The Pensions Regulator (TPR) has issued a joint statement with the Money and Pensions Service and the Financial Conduct Authority (FCA) warning members of P&O’s pension schemes “not to make any quick decisions” about transferring their pensions.

The regulators and guidance service said the warning comes "following recent media reports" and their combined concerns over "heightened risk of pension transfers" following P&O Ferries' sacking of 800 staff last month. The statement noted TPR "is in discussions with the trustees of the associated pension schemes". This includes the Merchant Navy Ratings Pension Fund's (MNRPF), which has a £146m deficit partially owned by P&O Ferries. Trustees have been asked to send a joint letter from TPR, the FCA and Maps to members warning of "the risks of transferring to any savers who ask for a ...

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