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

0
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…

Stay ahead of the curve

In the legal profession, information is the key to success. You need to know what’s happening with customers, competitors, operations, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data in articles (numbers, files, courts, type of action and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics, and more!

TRY LAW360 FREE FOR SEVEN DAYS

Share.

Comments are closed.