DWP and TPR issue joint statement on pension transfer regulations

DWP will consider further in regulation review

Jonathan Stapleton
clock • 3 min read

The Department for Work and Pensions (DWP) and The Pensions Regulator (TPR) have made a joint statement on pension transfer regulations.

The statement issued one 5 July comes after PensionBee said that a number of pension providers were taking advantage of the new rules, adding additional steps to hinder the transfer process, consequently causing genuine pension transfers to be delayed or blocked. Today B&CE hit back at these claims, saying the Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021 meant trustees had to ‘red flag' issues such as the presence of an incentive in the transfer, something it said included some of the marketing incentives offered by providers such as PensionBee. ...

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

Autumn Budget 24: Heavily rumoured pension changes fail to emerge

Autumn Budget 24: Heavily rumoured pension changes fail to emerge

Labour chose not to target workplace pensions, despite raising taxes by £40bn

Holly Roach
clock 30 October 2024 • 3 min read
HMRC pays back £44m on overtaxed pension withdrawals

HMRC pays back £44m on overtaxed pension withdrawals

‘Outdated’ PAYE system causing headaches for people accessing pots

Jenna Brown
clock 24 October 2024 • 2 min read
Govt must act on decumulation support to ensure better outcomes

Govt must act on decumulation support to ensure better outcomes

Standard Life sets out three key decumulation policy asks

Jenna Brown
clock 23 October 2024 • 2 min read