Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what steps he is taking to help people understand the risks associated with pension transfers.

Pension transfer regulations require trustees and scheme managers to carry out due diligence before processing a transfer request. Where a potential risk of a scam is identified, the transfer may be stopped. In cases where there are risk indicators but the transfer could still be genuine, the member must receive mandatory guidance from MoneyHelper before the transfer can proceed. In these cases, members must attend an appointment with the Money and Pensions Service, which helps them recognise scams, assess risks, and make an informed decision before proceeding. Additional resources are available through the Financial Conduct Authority’s ScamSmart tool and its Pension Scams Consumer Guide, offering practical advice on spotting warning signs, verifying investments, and reporting suspected scams.