Under the regulations where a scheme has concerns members can be referred to the Money and Pension Service (MaPS) for guidance and if there are clear red flags the scheme can refuse the transfer.

Incidents that may trigger a red flag would be if the trustees and scheme managers find that financial advice has been given without regulatory permission, if the pension saver has been contacted by an unsolicited person or if they were pressured to complete the transfer quickly.

Most transfers go through without any issues and the government department stated that this shall continue to be the case even after these regulations come into force on 30 November 2021.