DWP alerted to potential pensions transfer abuses

PensionBee issues warning over abuses of legislation

Martin Richmond
clock • 1 min read

A number of pension providers are misusing their powers by delaying or blocking pension transfers, according to PensionBee.

In December, the Department for Work and Pensions established the Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021, enabling pension transfers to be blocked where there was a high risk of a scam. However, it is claimed that the legislation is reportedly being taken advantage of providers, who are said to be adding additional steps to hinder the transfer process, consequently causing genuine pension transfers to be delayed or blocked. Concerns regarding international investments are among the reasons that consumers have been presented with the reaso...

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