The Department for Work and Pensions (DWP) has issued a call for evidence on how bulk transfers of defined contribution (DC) pensions without member consent could be improved - particularly in relation to occupational and stakeholder schemes.
Under the current system, a scheme may undertake a bulk transfer of members' accrued pensions without their consent providing certain conditions intended to ensure the members' protection are met. Such conditions include when the scheme is being wound up and the transfer is to another scheme that applies to employment with the same employer; and when the scheme is being transfered to a new employer with a relationship with the old one, such as between two companies within the same group. Additionally, information about the proposed transfer and details of the value of the rights to...
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