One in three high risk pension transfers since July 2018 would satisfy the first condition of the Department of Work and Pensions’ (DWP) proposed scam reduction legislation, according to a new report.

Andy Bell, CEO of platform and SIPP firm AJ Bell, has warned that proposed new anti-scam rules on pension transfers risk undermining thousands of legitimate transfers.

The DWP is to spend £400,000 funding a trial of mid-life ‘MOTs’ - schemes to help people “take stock” of their health, skills and wealth as part of a later life planning initiative.

The Department for Work and Pensions (DWP) has responded to a bid from former Pensions Minister Stephen Timms MP to make pension guidance appointments automatic.