Friends Life is calling on the pensions industry to take action against scheme 'liberation' companies after reporting a marked increase in the activity.
The group said it has declined more than 500 requests to transfer pensions into what it deems high-risk schemes since August last year. The total transfer value of the requests was in excess of £12m. Friends Life said it takes a proactive approach to targeting firms encouraging the practice by carrying out a due diligence process on transfer requests and reporting those arousing suspicion to Her Majesty's Revenue & Customs. Friends Life head of corporate benefits marketing Martin Palmer said: "The fact that the companies instigating pensions liberation transfers and the schemes the...
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