Trustees get power to block 'red flag' scam transfers

Government proceeds with plans to enhance ability to tackle scams in suspect situations

James Phillips
clock • 3 min read
Pensions and financial inclusion minister Guy Opperman. Credit: UK Parliament
Image:

Pensions and financial inclusion minister Guy Opperman. Credit: UK Parliament

Enhanced powers for trustees to block or pause transfers where there is potential scam activity will come into force on 30 November, the government has confirmed.

In a bid to cut down on scam and fraudulent activity, the Department for Work and Pensions has confirmed it will go ahead with "red" and "amber" flag proposals. Outlined in a consultation earlier this...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions member?

Login

More on Industry

Buzz: Have you chosen a GMP equalisation method?

Buzz: Have you chosen a GMP equalisation method?

This week's poll looks at GMP methods and combatting pension scams

Professional Pensions
clock 23 May 2022 • 1 min read
Andrew Cooper, Senior Consultant, Aon

Industry Voice: Building your journey to buyout ⁠— brick by brick

You have determined that buyout is your endgame destination and that your members and their liabilities will ultimately be passed to an insurer. But what does that really mean for your scheme and where are you on this journey?

Andrew Cooper, Senior Consultant, Aon
clock 23 May 2022 • 3 min read
TUC calls for action to reduce gender pension gap

TUC calls for action to reduce gender pension gap

Gender pension gap more than twice the level of the gender pay gap

clock 20 May 2022 • 1 min read
Trustpilot