On 30 November 2021, new rules came into effect that require Trustees and pension providers to undertake additional checks when dealing with transfer requests. These rules include the requirement to prevent pension transfers from taking place if they believe the circumstances to be suspicious. Transfers that may be considered suspicious include (but are not limited to) cases where:
- Financial advice comes from a company without the appropriate regulatory permissions
- An unsolicited request is received to transfer funds from your pension
- Insufficient information is provided in relation to the transfer when requested
- The member feels pressured into making a transfer
- High-risk, unregulated investments are included in the receiving scheme
- Fees charged by the receiving scheme are unclear or noticeably high
If the Trustee thinks the circumstances of your transfer look suspicious, they may pause or terminate it until they've seen more evidence that it's valid.
We hope that, if you're making a transfer, there won't be any reason for suspicion, but if there is, it's important to remember that the rules have been introduced to reduce the risk of pension scams and keep your money safe.
Pension transfers can take time, particularly when there is extra paperwork involved, so we ask that you remain patient whilst we complete the process.
If you're thinking about transferring your benefits out of the Scheme, we suggest that you consult an independent financial adviser before taking any action.