A number of pension providers are misusing their powers by delaying or blocking pension transfers, according to PensionBee.
In December, the Department for Work and Pensions established the Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021, enabling pension transfers to be blocked where there was a high risk of a scam. However, it is claimed that the legislation is reportedly being taken advantage of providers, who are said to be adding additional steps to hinder the transfer process, consequently causing genuine pension transfers to be delayed or blocked. Concerns regarding international investments are among the reasons that consumers have been presented with the reaso...
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