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Protecting Pension Savers with New Measures

New measures to protect pension savers became law on Monday 8th November as pension trustees and scheme managers have new powers.
A 'flag' system will operate whereby tell-tale signs of fraud - such as free pension reviews, easily access to pension cash - will be given a 'red flag' preventing a transfer request.
An amber flag would be used where there is suspected fraudulent activity.

Within the announcement it stated that Government is working closely with regulators, the Pension Scams Industry Group (PSIG) and enforcement agencies and is committed to reviewing the new regulations within 18 months to 'ensure they remain as effective as possible'.

Government Announcement