Rachel Vahey: Walking a fine line on DB transfer restrictions

In force from 30 November

clock • 3 min read

As fresh restrictions on DB transfers just came into effect, Rachel Vahey says being able to stop scams is an important step forward, but it cannot be done at the detriment of the pension transfer market...

A sobering thought for you: I have recently spent a lot of time talking about pension scams. This is partly the light the pandemic has shone on the problem, but there is also a growing focus from industry, regulators, and government. The scam of pension liberation or trust-busting - where victims are encouraged to transfer to another pension scheme and take the funds early - is rarer now than ten years ago. HM Revenue & Customs (HMRC) now takes a more stringent attitude to registering pension schemes, but there's also a more robust approach adopted by the industry. However, most peopl...

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

 Rachel Vahey: Advisers and clients still need clarity on NMPA increase

Rachel Vahey: Advisers and clients still need clarity on NMPA increase

'HMRC has had years to clear this up but has sat on its hands'

Rachel Vahey
clock 11 March 2026 • 4 min read
Pension freedoms exposed a longevity problem we still refuse to confront

Pension freedoms exposed a longevity problem we still refuse to confront

'The gap between product complexity and consumer understanding is not narrowing'

Julia Fintz
clock 11 March 2026 • 4 min read
Complex Hartley Pensions administration continues amid 'misappropriated funds' investigation

Complex Hartley Pensions administration continues amid 'misappropriated funds' investigation

Administration expected to conclude in 2027

Isabel Baxter
clock 10 March 2026 • 3 min read