How will the new pension transfer restrictions work?

“Subjective decisions may be subject to future challenge, so it will be important to keep a detailed record of both the rationale and any supporting evidence relied upon in reaching the decision.

“It is also important to ensure that trustees act in line with their duties and are not influenced by extraneous factors, such as their own personal view of the member’s reasoning and approach.

“Acting dispassionately, consistently and in line with the regulations will put trustees in the best position to justify the actions they take.”

As Wilson says: “The approach of the Pensions Ombudsman when a scheme ‘gets it wrong’ will be interesting.”

Chloe Cheung is a features writer at FTAdviser