Foreword by the Minister for Pensions and Financial Inclusion
Pension scams are a menace. They cost people their life savings, and have a devastating financial and emotional impact on their victims. The Government is fully committed to working with regulators, industry and enforcement agencies to protect people from pension scams through transfers from one pension scheme to another and make it as hard as possible for criminals to carry out their malevolent intentions. That is why I intend to take forward the implementation of the measures introduced in Section 125 of the Pension Schemes Act 2021, which received broad cross-party support. This consultation outlines our proposals which we intend to bring forward at the earliest opportunity.
These new measures will enable trustees to prevent a transfer request if they see evidence of ‘red flags’. They will also, for other potentially fraudulent transfers, prevent people’s…