9
th June 2021
11:58 am
The Department for Work and Pensions (DWP) should give more guidance and time to help trustees process tougher defined benefit (DB) transfer rules.
The call comes from initial responses to its consultation on pension transfers that closes tomorrow.
The DWP wants to introduce new powers that give trustees and pension managers greater scrutiny of transfers.
The new rules are part of a broad crack down on scams that have been a concern of MPs and campaigners in light of the pandemic.
The tough proposals will force pension schemes to follow a prescribed process when there are concerns about pension transfers.