Before transferring a member’s benefits to another pension arrangement, trustees will have to carry out various checks to assess the presence of “red” or “amber flags”. In some cases, the checks will require asking for considerable amounts of evidence from the member.
A red flag means the transfer must not proceed. With an amber flag, the transfer may proceed only after the member has undertaken a session of scam protection awareness with MoneyHelper.
Authored by the Pensions Team.