Changes to the 2021 pension transfer regulations are a step in the right direction but risk falling short of their objectives without clearer guidance for schemes and administrators, the pensions industry says.
In its response to the government's proposals to amend the Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021, Pensions UK said the changes should help reduce unnecessary delays in legitimate transfers while maintaining strong protections against pension scams. However, the industry body said clearer guidance and a consistent approach would be needed if the government's proposals are to deliver their full benefits in practice. Pensions UK executive director of policy and advocacy Zoe Alexander said: "The government has listened to concerns raised by ...
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