Source · Select Committees · Work and Pensions Committee
Recommendation 14
14
Not Addressed
Paragraph: 61
The Pension Schemes Act 2021 will allow people’s statutory right to transfer from their pension...
Recommendation
The Pension Schemes Act 2021 will allow people’s statutory right to transfer from their pension scheme to be restricted where there are signs of a pension scam. Regulations will be developed by DWP and are expected to be in place later this year. This will be a significant step in preventing pension transfer scams. Pension scheme trustees will be required to check if a transfer showed signs of a pension scam before allowing it to take place. If a trustee, through a lack of due diligence, allowed a transfer to a scheme which showed signs of being a scam then we believe that the Pensions Ombudsman must be able to require the scheme to compensate the victim. We recommend that a review of the legislation should be published within 18 months of the regulations being operational. If there are any concerns about the operation of the policy this will allow legislative changes to be made during this Parliament.
Government response summary AI-generated
The government response outlines its position on online platform operators' responsibility for financial promotions and the FCA's actions to address online fraud, but does not address the recommendation to publish a review of pension transfer legislation within 18 months of regulations becoming operational.
Paragraph Reference:
61
Government Response
The government responded to this report on 6 July 2021. No passage in that response could be matched to this recommendation. Read the response document ↗