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th June 2021 11:58 am
The Department for Work and Pensions (DWP) should give more guidance and time to help trustees process tougher defined benefit (DB) transfer rules.
The call comes from initial responses to its consultation on pension transfers that closes tomorrow.
The DWP wants to introduce new powers that give trustees and pension managers greater scrutiny of transfers.
The new rules are part of a broad crack down on scams that have been a concern of MPs and campaigners in light of the pandemic.
The tough proposals will force pension schemes to follow a prescribed process when there are concerns about pension transfers.
Industry feedback on the contentious ‘employer resources test’ (ERT) is unlikely to significantly shift The Pension Regulator’s (TPR) approach to issuing contribution notices, it says.
So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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The rationale used to ultimately assess whether certain contribution notices can be issued needs further fine tuning, leading industry associations say.
So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
Find whitepapers