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...
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