The Financial Conduct Authority (FCA), The Pensions Regulator (TPR) and The Money and Pensions Service (Maps) have issued a joint statement warning current and former P&O employees against transferring out of the pension schemes.

TPR is in discussions with the trustees of the associated pension schemes and asked them to send a joint letter from the regulators warning of the risks of transferring to any savers who ask for a cash equivalent transfer value.

In the joint statement, the regulators urged members of the defined benefit (DB) schemes not to make any quick decisions about their pensions amid a “heightened risk” of pension transfers following recent redundancies.

P&O made around 800 of its staff redundant in March 2022.

TPR and the FCA noted that transferring out of a DB scheme was unlikely to be in the best interests of most people.

Savers who are worried about their pensions or are considering transferring out were encouraged to seek guidance from MoneyHelper, run by Maps.

The regulators urged members seeking financial advice to check if the adviser is on the FCA’s register and their services include ‘advising on pension transfers and pension opt-outs’.

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