'Major issues': DWP must resolve pension transfer problems

Quilter presses DWP to take ‘urgent action’ over transfer delays

Jenna Brown
clock • 3 min read

Persistent problems with pension transfer regulations are causing headaches for savers and must be urgently resolved by the Department for Work and Pensions (DWP), Quilter has said.

A freedom of information (FoI) request from the business to the Money and Pensions Service (Maps) revealed thousands of pension transfers have been halted unnecessarily because of the regulations. Maps data showed more than 23,000 of the 28,118 ‘amber flags' raising since the regulations were introduced were raising either due to an unknown reason or for a potentially low risk transfer linked to overseas investments. Quilter said the high numbers came in the face of repeated calls for legislative change to stop unnecessary delays.  Pension transfer regulations were introduced two a...

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