The decision by the Regulator to allow trustees to suspend applications for transfers places advisers on the frontline in the battle to secure a fair deal for clients whose defined benefit schemes are under threat
In an unprecedented move, the pensions regulator has given trustees permission to suspend applications for pension transfers. This change has been implemented while trustees await regulations from the Department for Work and Pensions that will allow them to impose a market value adjuster (MVA) on transfer requests. This development will place advisers on the front line in the battle to secure a fair deal for clients who are members of defined benefit occupational pension schemes that are in danger of being wound up and cannot match their liabilities in full. Taking a transfer out o...
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