The Embark Group has appointed several new executives in a move to “further strengthen” its capacity for organic expansion in the UK.

New research has found that nearly half of UK adults (44%) believe they will fail to save enough in their pension to enjoy their “ideal retirement.”

International Sipp provider STM Group hopes relocating will allow it to be more “UK centric”, the firm’s interim results have revealed.

The Association of British Insurers (ABI) has launched a new campaign urging younger workers to “Love Your Pension”, as part of the industry’s commitment to auto-enrolment.

A record number of people have enrolled into occupational pension schemes, according to new data from the Office of National Statistics (ONS).

The FCA recently published its final report on the Retirement Outcomes Review which has some interesting ideas to improve the experience of non-advised consumers, but some of the areas could cause difficulties for the SIPP sector.

A survey of around 400 financial advisers has found “huge variations” in the way firms carry out an initial ‘triage’ process when clients ask about pension transfers. 

Pensions administration firm Trafalgar House has been appointment to the ITN Limited Pension Scheme.

There was an interesting report from CoreData Research issued recently that showed full self invested pension schemes (SIPPs) have risen to the top of the wish list for advisers on platforms.

Over the last few weeks I’ve had a much higher than usual number of ‘interesting’ transfer out requests land on my desk. Maybe it’s the hot weather getting to people, but it’s curious how these things seem to be like buses – nothing for ages then all at once.

Transfers out to unknown schemes can cause providers a lot of headaches, and we’re largely in a no-win situation. There’s a lot of extra work to be done and at the end of it we either end up losing a customer or having one who’s a bit annoyed at having to stay put.

The recent Ombudsman ruling, Mr N v The Police Pension Scheme, shows the importance of completing appropriate due diligence for the transferring scheme – and the harsh consequences of getting it wrong (the scheme has been ordered to reinstate the member’s accrued benefits).



The most common type of “unknown” scheme we get requests to transfer to, are SSAS. A transfer to a scheme with a known SSAS provider involved can be fairly straightforward, but there are many DIY schemes with no other parties taking responsibilities. In most cases the individual hasn’t just taken it upon themselves to open a SSAS, there’s someone in the back ground recommending the course of action. Now this could be for legitimate planning purposes, or for something less above board.

We also get cases where our gut feel isn’t necessarily that someone is trying to pull a fast one on the client, but rather there’s just a handful of people involved who don’t understand pensions, so there’s a high risk of the scheme inadvertently falling foul of HMRC rules. On one of our recent cases we had two parties both saying the other was the Scheme Administrator, and denying it was them – which begs the question who’s reporting anything to HMRC?

As well as looking at the scheme and any other parties involved in the transfer request, it’s also important to look at the member’s history. Anyone washing funds in and out of a pension in a short space of time can be a red flag unless there is good cause.

The Pension Scams Industry Group (PSIG) have recently updated their Code of Good Practice, which gives some great pointers as to what providers should be looking for and questions to ask.

If you are advising on a transfer to a less well known scheme then you should be prepared for a few extra questions, and plan time in for the provider to complete their checks. On the plus side, the fact that there’s an FCA regulated adviser advising will add weight to the case for transfer.

Lisa Webster is technical resources consultant at AJ Bell