New UK regulations coming into force on 30 November 2021 change the conditions applying to a pension scheme member’s statutory right to take a cash equivalent transfer value. The changes have been introduced to help protect members from pension scams and will impact occupational and personal pension schemes in the public and private sectors. Trustees and managers of pension schemes will have to act quickly to incorporate the new requirements into their existing processes for transferring members’ benefits, ready for when the new regulations take effect.
In this publication, we provide an overview of the new transfer process and suggest actions that pension scheme trustees and managers should consider taking in response to the changes.
If you would like to discuss any of the issues set out in this communication, please get in touch with your usual firm contact or any of the individuals below.