The Pensions Regulator (TPR) chief executive Charles Counsell has warned scheme trustees could see an increased demand for cash equivalent transfer values (CETVs) from DB members.
In a blog post published on Tuesday (26 May), Counsell said coronavirus could cause two major problems for scheme trustees - CETVs taking longer than usual and more people requesting them. Due to the heightened interest in CETVs and the process taking longer, Counsell said trustees may want to take advantage of flexibility in legislation that allows up to three months to issue CETV quotations for reasons outside of their control. Additionally he said no enforcement action would be taken against trustees who were unable to meet a statutory deadline or make a transfer payment because ...
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