UK - Inland Revenue rules to combat fraudulent pension transfers have been introduced too fast for pension schemes, a lawyer claims.
The rules – which were issued in May – gave pension schemes until July 1 to implement procedures to vet the authenticity of pension transfers.
But Dickinson Dees head of pensions Martin Jenkins said: “For the majority of schemes, this requires a significant change to existing systems for dealing with transfer requests. Most schemes are already hard pressed on a number of fronts. It seems unfair for the Inland Revenue to pass responsibility on to individual schemes to deal with this new problem.”
Under the Inland Revenue changes, schemes now have to ensure direct payment to the scheme provider, not an intermediary. They also have to check the Inland Revenue status of the scheme before proceeding with the transfer. Schemes that fail to comply will have their tax approved status withdrawn.
Dickinson Dees has produced a guide to the new procedures available from [email protected]
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