And Then There Were Three

After a period of quiet, three recent determinations of the Pensions Ombudsman relating to pension liberation have (like buses) come along all at once...

We are on the eve of major changes to the ways in which members of defined contribution pension schemes can access their pension benefits: the genesis of a new world of retirement saving. Meanwhile there are growing concerns as to how members will avoid falling victim to pension scams, with the attendant risk of the loss of some or all of their pension benefits.

Last year the Pensions Ombudsman ("PO") saw a sharp increase in the number of pension liberation arrangements brought before it. More recently, in January this year the PO issued a statement¹ regarding three further determinations² connected with pension liberation. Here we consider those recent determinations and examine some the legal issues regarding statutory transfer requests. We also take a look at some of the steps that regulatory bodies are taking