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Is a change to the new statutory transfer regulations coming?
United Kingdom | Publication | March 2022
The Department for Work and Pensions (DWP) is investigating whether the new statutory transfer regulations need amending. This is welcome news for trustees.
The new regulations came into force from November 30, 2021, with the aim of empowering trustees to block transfers where they expect a scam. The main feature of the regulations is the introduction of red and amber flags. Where a transfer raises a red flag it must be blocked, but where an amber flag is raised it can still proceed provided the member first takes scams advice from the Money and Pensions Service (MaPS).
An issue that trustees, administrators and others have been raising with the DWP is that the regulations require schemes to raise an amber flag where the receiving scheme has overseas investments. Since most schemes do to some extent, the concern is that a number of members wanting to transfer to schemes with conventional, low-risk investments will need to be referred unnecessarily to MaPS. MaPS could quickly become overwhelmed.
A Joint Committee of the House of Commons and House of Lords reports that the DWP is investigating the issue with a view to amending the transfer regulations if necessary.
Whilst the timing of any amendment is unclear, it is good news that this unsatisfactory aspect of the new laws is being revisited.
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