Govt pledges to improve DB transfer rules after regulation review

2,400 in 290,000 transfers raised an amber flag warning

Martin Richmond
clock • 3 min read

The Department for Work and Pensions (DWP) will work with workplace pension schemes and The Pensions Regulator (TPR) to improve the effectiveness of the regulations concerning defined benefit (DB) pension transfers.

The DWP's review of the Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021 - published yesterday (21 June) - analysed the operation, appropriateness and effectiveness of the regulations, which provided schemes themselves with enhanced powers to block or halt transfers. The regulations, which came into force in November 2021, gave trustees broadened powers to halt a potential transfer under 'red' and 'amber flag' warnings if the trustees suspected there was risk of a scam. The review sought to establish whether there was a need to amend the red and amber...

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

Labour scrapping higher rate pensions tax relief is 'politically unlikely'

Labour scrapping higher rate pensions tax relief is 'politically unlikely'

Despite being ‘potentially lucrative’

Isabel Baxter
clock 30 September 2024 • 4 min read
Failed Hartley Pensions clients face months-long SIPP transfer document delays

Failed Hartley Pensions clients face months-long SIPP transfer document delays

Frustrated client notes that communications were promised from April to June

Isabel Baxter
clock 29 August 2024 • 3 min read
British Steel pensions transfer advice debacle in numbers

British Steel pensions transfer advice debacle in numbers

‘The FCA continues to pursue those who gave poor advice’

Isabel Baxter
clock 29 July 2024 • 3 min read