Pension schemes will have the power to prevent transfers that raise concerns, but there’s a danger this will hurt savers.
The pension freedoms haven’t just given savers far more power over what happens with their pension funds, they’ve also been a source of incredible income for scammers.
Millions of pounds have been lost to scammers, who have targeted those approaching the age of 55, talking them into transferring their cash into rival schemes which may not really exist, or to invest in questionable assets.
The Department for Work & Pensions (DWP) has now put forward suggested new rules for pension schemes to follow when they get a request from one of their members, looking to move their money into a different pension scheme. The idea is that this will help…