UK. Pension savers unable to move their cash as trustees use emergency powers
Savers who want to ditch defined benefit pensions as their employers struggle to survive may find themselves trapped by trustees using emergency powers to halt transfers.
Businesses facing financial hardship have been the first to see trustees of their staff pension funds block members from moving their cash for three months during the pandemic.
This stops anyone wanting to transfer out of defined benefit pensions, which pay a guaranteed income in retirement, into more flexible but riskier “defined contribution” funds.
Read more @The telegraph
