UK government considers new rules to allow administrators to block scams

Law360, London (May 14, 2021, 4:10 p.m. BST) – The UK government has sought advice from the financial industry on new laws that would allow trustees to block pension transfers that appear to be scams, as part of a broader crackdown on pension fraud.

Pensions Minister Guy Opperman said on Friday that the new rules would give trustees the power to block a transfer request from going through if they notice any signs that it could be the work of a scammer. Trustees will also be able to stop suspicious transactions until the saver has sought expert advice.

“Retirement scams are a threat,” Opperman said. “They cost people their lives …

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UK government considers new rules to allow administrators to block scams

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