PASA launches DB transfer guidance

Future code of practice

clock • 2 min read

The Pensions Administration Standards Association (PASA) has launched guidance on defined benefit (DB) transfers to help give members better flexibility while retaining their pension benefits.

The first of two parts, the Guide to Good Practice has three key aims: to improve overall member experience; to improve efficiency for administrators; and to improve communications and transparency. Speaking at the launch event today (8 July), pensions and financial inclusion minister Guy Opperman said he expected DB to defined contribution (DC) transfers should take no longer than 10 weeks. "The government will want you to go faster so 10 weeks is the largest amount of time it should take," he noted. He assured the industry that 10 weeks from start to finish is an acceptable amoun...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

PA360: Crucial advisers can spot all vulnerability characteristics

PA360: Crucial advisers can spot all vulnerability characteristics

‘It is highly likely people in decumulation will have a vulnerability’

Hope Coumbe
clock 26 April 2024 • 1 min read
Inflation shocks driving another long uptick in annuity sales

Inflation shocks driving another long uptick in annuity sales

‘Customers should be careful that this is the right decision for them’

Hope Coumbe
clock 23 April 2024 • 1 min read
Advisers warn market volatility will threaten retirement plans

Advisers warn market volatility will threaten retirement plans

More than half expect clients to postpone or change plans

Isabel Baxter
clock 26 March 2024 • 2 min read