PosSol revises pension transfer limits after FSA guidance

New limits for transfers have been set at 1% per annum for each complete year remaining until the client's intended retirement date. This kicks in after five years, before which a 5% shortfall limit is allowed. It is subject to a maximum shortfall of 20% for clients with 20 or more years remaining to normal retirement date (NRD). Previously, shortfall limits at the Aegon-owned business were banded in five year periods. The company says it undertook the review, which includes projections for switches into insured funds and collectives for SIPPs, following industry-wide FSA guidance ...