- DWP consultation on draft transfer regulations on combatting pension scams—goodbye to scammers?
- What is the background to the consultation?
- What is being proposed?
- What are the practical implications for pension schemes and their advisers?
- What happens next?
Pensions analysis: The Department for Work and Pensions (DWP) announced new plans on 14 May 2021 to combat pension scams by opening a consultation on proposed new draft regulations ‘The Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021’ for trustees or scheme managers of occupational and personal pension funds. The new regulations would require trustees and managers to ensure transfer requests from members are not caused by scammers by, among other things, introducing red and amber flags where one or a combination of circumstances are identified which present a high risk of fraud. Ben Fairhead, partner at Pinsent Masons, reviews the draft regulations and what they mean for scheme trustees and managers.
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