Trustees should be aware that they will have new obligations with respect to statutory transfers out from 30 November 2021. The Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021 will provide trustees with new obligations in a bid to protect members from transfers to scam arrangements. The regulations will require further transfer due diligence checks from trustees before a transfer can be made and will prevent transfers where 'red flags' are present. The regulations also require trustees to ensure that members receive scam advice from the Money and Pensions Service (MaPs) where certain warning signs are present.
Pensions analysis: The Pensions Regulator (TPR) has launched a consultation on changes to its Code of Practice 12 following the introduction, by the Pension Schemes Act 2021 (PSA 2021), of new tests in relation to its Contribution Notice (CN) power. Stephen Richards and Chris Edwards-Earl comment on TPR’s consultation.