Which? responds to the Pensions Regulator’s warning against transferring pensions during the coronavirus crisis

Gareth Shaw, Head of Money at Which?, said:

“While pension freedoms have offered savers greater flexibility and access to their money, they have also led to increased risks such as poor investments and scams – so it is right that the regulator is taking extra steps to warn investors amid the chaos caused by coronavirus.

“People need much better support to ensure that the huge financial decisions that they are making with their pensions are the right ones, especially as we are seeing a surge in coronavirus-related scams. The regulator must put greater protections in place to prevent consumers from being ripped off by bad products and fraudsters.”