Gov't Empowers Trustees To Target Pension Scams Problem

By Martin Croucher (November 8, 2021, 4:08 PM GMT) -- The government published new regulations on Monday that give pension trustees the power to suspend potentially criminal transfers of retirement savings, after watchdogs warned that £30 million ($40.6 million) had been lost to fraud in three years. 

The new regulations, which will set out a series of red or amber "flags" for trustees to watch out for when they get transfer requests from members of their schemes, come into force on Nov. 30, the Department for Work and Pensions said.

The government estimates that 5% of pension transfers are potentially scams, despite concerns within the sector that the true number is far higher....

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