TPR has just published a Guidance for trustees, pension managers and administrators on checking, proceeding with and refusing transfer requests from scheme members.
There are certain circumstances where a statutory transfer cannot proceed (red flags) or may proceed (amber flags).
The Guidance contains useful paragraphs on:
1- how to collect relevant information;
2- hot to carry out due diligence;
3- how to direct members to mandatory guidance from MoneyHelper; and
4- when to refuse a transfer.
The Guidance also includes this helpful "Transfer process decision" tree to halt suspicious transfers, where the condition one is that the receiving scheme is listed in the transfer regulations.
Blog
