The Government has recently introduced some new pension transfer rules to help prevent people from becoming victims of pension scams.
Changes came into force on 30 November 2021 and give pension schemes new powers to refuse a request to transfer a pension to another pension scheme if there is a risk that it might be a scam. The changes remove an individual’s automatic right to a transfer and require pension schemes to complete several tasks to satisfy themselves that a member’s pension benefits are not at risk.
You cannot transfer your pension rights to another scheme while still paying into your pension. However, if you stop paying in before you retire, you may have the option to do so. You can read more about the transfer process and pension scams on our website.