Pension transfers are being halted simply because of the involvement of overseas investments.
The introduction of the pension freedoms a few years ago gave savers far more say over how they access their pension funds.
However, it has also acted as a green light for scammers, making it far easier for them to con people into handing over their pension pots.
According to the FCA, more than £2 million was lost to pension scammers in the first five months of 2021 alone, though this is likely just the tip of the iceberg.
In fact, the Pension Scams Industry Group last year argued that as much as £10 billion had been lost to fraudsters since 2015, with around 5% of all pension transfers showing signs of being subject to a scam.
Thankfully, action is now being taken to tighten up pension transfers, and make it harder for scammers to talk people out of their savings.
Yet there have been suggestions that these tougher rules actually go too far, and are preventing savers from carrying out perfectly legitimate transfers.
Is this transfer acceptable?
Back in November, new rules were introduced covering potentially suspicious pension transfers.
Let’s say that I want to transfer my pension out of my current scheme, and into a new one. The trustees of my current pension scheme…
