pension transfers

Finalised guidance for trustees of defined benefit (DB) pension schemes has been published giving further clarity on how they should deal with transfer requests from members looking to take advantage of pensions freedom.

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All defined benefit (DB) pension transfers after 6 April will be regulated by the Financial Conduct Authority (FCA) to ensure mandatory advice has been taken and fully understood.

Pensions minister Steve Webb has floated plans to allow providers to bulk transfer members from legacy schemes to more cost efficient models.

An eight day turnaround for pension transfers should become the industry standard, the TISA Exchange (TeX) organisation has said.

Labour will continue to push through developments on an automatic pension transfer system if it wins the next general election, it has been confirmed.

Retirement Planner's round-up of the top pensions stories this week.

Technology and industry collaboration is now essential to ensure advisers can meet client expectations for fast and efficient service, says Paul Pettitt

Axa is introducing faster pension transfers as part of a number of service upgrades to its Secure Advantage range.