Call for freeze on pension transfers

Pension transfers should be temporarily halted amid market turmoil, a former UK Government minister has suggested.

Ros Altmann called for emergency measures to help stabilise pension schemes.

She said all pension transfers should be put on hold for six months.

Baroness Altmann said “wild market movements” as coronavirus spreads make it hard to understand what underlying investments are worth. She added: “It is not clear where markets may settle, or what long-term interest rates will be in coming weeks or months.

“Introducing measures to delay all pension transfers for up to six months would seem a sensible way of helping to stabilise pension schemes and allow time for a clearer picture to emerge.”

Baroness Altmann also said accurate data was vital for the new pensions dashboard, which will let people see all their pension savings online in one place.

Ros Altmann called for a halt amid the market volatility