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
Signup and gain exclusive members-only insights
- 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
