Govt pledges to improve DB transfer rules after regulation review

2,400 in 290,000 transfers raised an amber flag warning

Martin Richmond
clock • 3 min read

The Department for Work and Pensions (DWP) will work with workplace pension schemes and The Pensions Regulator (TPR) to improve the effectiveness of the regulations concerning defined benefit (DB) pension transfers.

The DWP's review of the Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021 - published yesterday (21 June) - analysed the operation, appropriateness and effectiveness of the regulations, which provided schemes themselves with enhanced powers to block or halt transfers. The regulations, which came into force in November 2021, gave trustees broadened powers to halt a potential transfer under 'red' and 'amber flag' warnings if the trustees suspected there was risk of a scam. The review sought to establish whether there was a need to amend the red and amber...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

'A problem at the very top': Adviser campaigns for better overseas advice guidance

'A problem at the very top': Adviser campaigns for better overseas advice guidance

When is it safe to say the QROPS solution is the right solution?

Isabel Baxter
clock 29 October 2025 • 5 min read
UK pension funds join forces with government to launch Sterling 20 initiative

UK pension funds join forces with government to launch Sterling 20 initiative

Chancellor joins 20 pension providers and insurers to drive growth across the UK

Holly Roach
clock 20 October 2025 • 5 min read
IHT on pensions pre-55 slammed as 'brutal'

IHT on pensions pre-55 slammed as 'brutal'

HMRC confirms those under minimum pension age will see IHT applied on their pots

Isabel Baxter
clock 12 August 2025 • 2 min read