We told you earlier this year that we were tightening our money laundering controls for both individual and workplace pensions, one of which was the requirement to verify that the name and address of the person or company making a contribution matches the bank details provided.
We’re now asking you to send us a copy of the company’s bank statement upfront i.e. along with any application where a regular contribution is being made from a commercial bank account. We’ll be making this change for both workplace and individual pensions where a regular contribution is being made from a company bank account.
Wording will be added to the Direct Debit details section of our application forms to guide, and please note too that this evidence will also be required whenever Direct Debit details for an in-force policy are changed.