A majority of pension transfers which raised an 'amber flag' warnings are as a result of an unknown reason or for transfers pertaining to overseas investments, according to data released by the Money and Pensions Service (Maps).
The data - obtained through a freedom of information request from Quilter - found since the introduction of the new transfer regulations in November 2021, a total 8,395 transfers raised an amber warning flag. The data also found that, of the 8,395 MoneyHelper pension safeguarding guidance sessions conducted since the introduction of the regulations, some 36% were raised due to pension transfers relating to overseas investments and a further 44% were due to unknown reasons. Reason for amber flag Number of amber flags raised (Dec 21-October 22) Complex investment ...
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