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Pension transfers: new requirements in force on 30 November 2021
12 November 2021
The DWP has announced this week that major changes to the pension transfer regime will have effect from 30 November 2021, aimed at further strengthening protection for members from transferring their pensions to scam arrangements.
All UK occupational and personal pension schemes should prepare to start implementing the new regime from 30 November.
Before transferring a member’s benefits to another pension arrangement, trustees will have to carry out various checks to assess the presence of “red” or “amber flags”. In some cases, the checks will require asking for considerable amounts of evidence from the member.
A red flag means the transfer must not proceed. With an amber flag, the transfer may proceed only after the member has undertaken a session of scam protection awareness with MoneyHelper.
Authored by the Pensions Team.
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