Extract from report stage (Commons) of the Pension Schemes Bill - Nov 16
Tuesday, 17 November 2020 08:34
Stephen Timms (East Ham) (Lab):...The Bill was amended in the other
place so that if a defined benefit transfer application raises one
of the red flags on a prescribed list of features likely to
indicate that a scam is going on, the trustees must delay the
transfer until the saver has taken financial advice. The four
amendments are based on work by the Pension Scams Industry Group,
and I pay tribute to Margaret Snowdon and her colleagues for their
work. The amendments would empower trustees...Request free trial
(East Ham) (Lab):...The Bill was amended in the other
place so that if a defined benefit transfer application raises one
of the red flags on a prescribed list of features likely to
indicate that a scam is going on, the trustees must delay the
transfer until the saver has taken financial advice. The four
amendments are based on work by the Pension Scams Industry Group,
and I pay tribute to Margaret Snowdon and her colleagues for their
work. The amendments would empower trustees to refuse the transfer
if they had good grounds, based on the red flag analysis, for
believing that the proposed transfer involved moving pension
savings into a scam. I welcome the assurances that the Minister has
given, and has just repeated, that he will bring forward
regulations under existing powers in the Bill to have that effect.
I noticed that research carried out last month by YouGov for the
People’s Pension found that 78% of people
questioned agreed that pension companies should be able to step in
to stop a transfer if they believe it is a scam...
To read the whole debate, CLICK
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