The Department for Work and Pensions (DWP) has today been given the power to ban incentivised transfer exercises.
Section 30 in today’s Pensions Bill stated ‘The Secretary of State may by regulations make provision prohibiting a person from offering an incentive to another person with the intention of inducing a member of a salary related occupational pension scheme, to exercise a right to require a pensions transfer, or agree to a pensions transfer.’
Minister for pensions Steve Webb previously stated his concern about ETV exercises, after people were being offered the wrong type of deals to transfer out of defined benefit arrangements.
The Pensions Regulator has also added to the criticism of these exercises stating that they are not in the best interests of the member.
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