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TPR warns on transfer incentives

The Pensions Regulator has warned it may use its anti-avoidance powers on trustees who allow or encourage dodgy transfer incentive exercises.

Speaking at the National Association of Pension Funds annual trustee conference, chairman David Norgrove said: “If a company is willing to encourage the transfer, the company’s gain is likely to be the members’ loss.

“Trustees should start from the presumption that such exercises and transfers are not in members’ interests. Where behaviours are particularly concerning, we may look to use our anti-avoidance powers.”

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