Workplace Pensions
The question
To ask the Secretary of State for Work and Pensions, what assessment he has made of the potential merits of adding safeguards to pension transfers into different types of occupational pension schemes.
Answered by Torsten Bell
The Government will act to protect pension savers wherever evidence indicates there may be a risk. The current consultation, “Protecting Pension Savers: Proposed Amendments to the Conditions for Pension Transfer Regulations”, focuses on targeted changes to address an emerging risk linked to transfers into Small Self-Administered Schemes. Through this consultation, the Government is seeking views on whether safeguards provided by these proposed amendments, and the broader transfers framework, are sufficient and proportionate. If the evidence gathered through this process, alongside wider insight, demonstrates that additional material risks remain elsewhere in the pensions landscape and effective mitigations are identified, then we will take further action.
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