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The government is consulting on new conditions that will need to be met in order for a member to have a statutory transfer right. The new conditions are designed to help prevent transfers to scam vehicles which have claimed over £30m between 2017 and August 20201. The consultation closes on 9 June and the government intends to introduce the changes in autumn 2021. The Pensions Regulator is also expected to publish accompanying guidance.
The Pension Schemes Act 2021 imposes a requirement for certain conditions to be met before a member can transfer their benefits to another scheme. Under the government’s consultation proposals, one of four conditions will need to be met in order for a statutory transfer to proceed. Trustees will be required to give a member information about the conditions, and the need for one of them to be met, within one month of the earlier of the member requesting a transfer value quotation or making a transfer request.
The…
