DWP and TPR issue joint statement on pension transfer regulations

DWP will consider further in regulation review

Jonathan Stapleton
clock • 3 min read

The Department for Work and Pensions (DWP) and The Pensions Regulator (TPR) have made a joint statement on pension transfer regulations.

The statement issued one 5 July comes after PensionBee said that a number of pension providers were taking advantage of the new rules, adding additional steps to hinder the transfer process, consequently causing genuine pension transfers to be delayed or blocked. Today B&CE hit back at these claims, saying the Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021 meant trustees had to ‘red flag' issues such as the presence of an incentive in the transfer, something it said included some of the marketing incentives offered by providers such as PensionBee. ...

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