By Irene Madongo (May 17, 2022, 6:06 PM BST) — New regulations aimed at blocking suspicious pension transfers have helped more savers to get fraud prevention advice but are impeding transactions that present potentially little harm, wealth manager Quilter said Monday.
Quilter raised the concerns in a report about how savers are being affected by the rules. These rules were introduced in November and require trustees of a transferring pension to raise an “amber flag” when they get requests from members of their schemes if the money is being moved to a plan that includes overseas investments.
Raising the concern pauses the transfer, Quilter said, and after the flag is raised, the member…
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