Pensions schemes allowed bulk transfers into one

Regulations published today aim to help reduce the administrative cost burden on employers, particularly those who are running several smaller pension schemes from mergers and acquisitions of other companies and who want to consolidate them into one scheme. It is expected the new rules will save pension schemes around £10m over the next three years. The new regulations, expected to come into force on the 28th November 2005, will mean, subject to approval from actuaries, that a member’s rights will not be adversely affected as protected rights can be transferred in the same way as other...