Recommendation 15

The regulations will identify potential indicators of a pension scam which would raise either red or amber flags. A red flag would allow a transfer to be blocked and an amber flag would allow a transfer to be paused until a person has received appropriate guidance. The red and amber flags being drawn up by the Department will need to strike a careful balance between protecting savers, being easily used by Protecting pension savers—five years on from the pension freedomss Pension scams 59 trustees and not being overly restrictive. We recommend that the suitability of the red and amber flags should form part of the 18 month review and then be reviewed at least every 3 years thereafter.