Small Businesses: Pensions
The question
To ask the Secretary of State for Work and Pensions, what information his Department holds on how many transfers into Small Self-Administered Scheme pensions have taken place in each of the last five years.
Answered by Torsten Bell
An Options Assessment was published alongside the consultation on Protecting Pension Savers - Proposals to Amend the Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021, analysing the impacts of the proposed regulatory changes. This highlights there may be over 100 transfers into SSASs each year and where this is a scam, individuals may be losing on average £23,800. The proposed changes could result in a reduction of £2 million over 10 years alongside stopping the financial distress and mental health impact these scams can have on individuals and their families.
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