Pensions Co. warns government against ‘abuse’ of new transfer rules

By Martin Croucher (4 July 2022 at 11:29am BST) – The government should crack down on savings providers who are “abusing” new rules designed to prevent companies from blocking legitimate transfers of retirement savings, a pensions administrator said on Monday.

PensionBee said it had written to Minister of State for Pensions Guy Opperman about alleged mishandling of transfer applications since new rules were introduced in November. Trustees are required to suspend or stop an annuity transfer under occupational and personal annuity regulations if they suspect a customer is being defrauded by scammers.

But PensionBee — a company that allows individuals to consolidate all of their pension pots — said the regulations “seem…

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