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Eversheds comment: Changing law to give trustees and providers power to suspend questionable transfers would protect pensions savers from being misled

  • United Kingdom
  • Global

    13-05-2016

    Commenting on fears expressed by UK MPs on the potential for a mass pensions mis-selling scandal, Francois Barker, head of pensions at Eversheds, says:

    “Many pension savers have welcomed the flexibility that pensions freedoms reforms have brought. However the new arrangements also leave the door open to scheme members being led astray and tempted to transfer their pension pots to scams run by fraudsters.

    "Recent court decisions mean that it is almost impossible for pension trustees or providers to block transfers even where they suspect very strongly that the recipient scheme is a scam. One very effective way to prevent pension savers from being misled would be to change the law to give pension trustees and providers the power to suspend or delay transfers to unsuitable recipient schemes.”

    Francois Barker, Product Group Head

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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