Asked by: Kevin McKenna (Labour - Sittingbourne and Sheppey)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, pursuant to the Answer of 20 October 2025 to Question 80185, when his Department expects to consult on the outcome of its work on the cost and availability of independent financial advice for people affected by the £30,000 safeguarded pension benefits threshold.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
On November 3rd 2026 we published our response to the consultation on proposals to amend the Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021. The Government response outlines a targeted package of measures to address identified risks, improve existing safeguards, and enhance protections for pension savers. The full response is available here.
The Government remains committed to considering the operation of the requirement to take independent financial advice for people with safeguarded benefits valued above £30,000 and we will consult on this matter. However, the importance of tackling pension scams and the need to review the operation of the wider transfer regulations, Government has concentrated on getting the framework for pension transfers in the right place.
The Government will in due course consult on appropriate protections for transfers with safeguarded benefits, aligning with the Financial Conduct Authority’s work on informed transfers.