What are the different types of pensions? (1)
SAVERS could be set to get new rules to stop firms taking too long to move their pensions, The Sun has learned.
Indeed, the top reason for transfers being halted by amber flags last year was "unknown", our FOI showed. This means no specific reason was given for the delay. Rebecca O'Connor, director of public affairs at PensionBee, said: "Since the DWP brought in its anti-scam legislation, there have been more hold ups of legitimate transfers.
Raising an amber flag effectively pauses a pension transfer from going ahead until any issues are investigated. One insider said this wording was "clearly not intended to be taken literally or else no transfers would ever occur", yet this is exactly what is happening.firm AJ Bell, said his company has seen evidence of pension schemes taking an "over-zealous approach" to blocking "perfectly legitimate transfers" for this reason over the last few years.
You might choose to do this to keep all your pensions in one place, as changing jobs can leave savers with several different pots and it can be difficult to keep track of them.
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