Gov't Pension Scam Crackdown Could Backfire, Experts Warn

Law360, London (June 10, 2021, 2:17 PM BST) -- The government's plan to tackle pension scams by allowing trustees to block suspicious transfers of funds could create administrative delays and inconsistency in how the rules are applied, industry experts warned Thursday.

Lane Clark & Peacock LLP, a consultancy, said the proposed rules would also mean that some retirement fraud could slip through, while other legitimate transfers could be treated as suspicious.

The company was responding to a consultation by the Department for Work and Pensions, which closed on Thursday. The DWP wants to give trustees the ability to prevent members of retirement plans from seeking to transfer their savings elsewhere...

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