Pension liberation—an introduction
Produced in partnership with Rebecca Bennett of Needle Partnership and Natasha Peacock of Needle Partnership
Pension liberation—an introduction

The following Pensions practice note Produced in partnership with Rebecca Bennett of Needle Partnership and Natasha Peacock of Needle Partnership provides comprehensive and up to date legal information covering:

  • Pension liberation—an introduction
  • The rise of pension liberation
  • What is pension liberation?
  • Why does pension liberation fraud happen?
  • Pension savers
  • Advisers, introducers and other parties
  • Structures and characteristics of pension liberation
  • Pension reciprocation plans
  • Basic arrangement
  • Layering arrangement
  • More...

CORONAVIRUS (COVID-19) UPDATE: In light of the coronavirus pandemic, the Pensions Regulator (TPR) issued guidance ‘Communicating to members during COVID-19’ for trustees of defined benefit (DB) schemes whose members want to transfer out their retirement funds to a defined contribution (DC) scheme during the crisis. DB trustes are expected to warn such members in a letter that the transfer is unlikely to be in their best long-term interests and urging them to consider the decision carefully.

In addition, to guard against scammers, TPR urges trustees to follow the Pension Scams Industry Group code of good practice, which has practical steps for carrying out due diligence and assessing transfer requests and example letters for communicating with members throughout the transfer process. Additionally, trustees should direct their members to the ScamSmart website to learn how to protect themselves from pensions scams.

This follows a continuous stream of warnings from the regulators about the increase of pension scam activity during the pandemic. For example, on 1 April 2020 TPR and the FCA published a joint statement urging savers to keep calm and not rush to make any decisions about their pension in response to the crisis. They explained that fears over the impact of the pandemic on markets and personal finances may make savers more vulnerable to scams or making a decision that

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