Law360, London (May 14, 2021, 4:10 PM BST) — The U.K. government has asked for input from the finance sector on new laws that would allow trustees to block pensions transfers that look like they could be scams, as part of a broader clampdown on pensions fraud.
Pensions Minister Guy Opperman said Friday the new rules would give trustees the power to stop a transfer request from going through if they notice any signs it could be the work of a scammer. Trustees will also be able to stop suspect transactions until the saver has sought expert guidance.
“Pension scams are a menace,” Opperman said. “They cost people their life…
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