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Schemes to issue transfer warning

The Pensions Regulator has issued new guidance to schemes today, requiring them to provide members requesting a transfer out with additional information and warnings. The full guidance can be read here.

In summary, the regulator is calling on scheme trustees to:

  • highlight the free, impartial pensions guidance from Pension Wise, including phone appointments and online information;
  • encourage members to take regulated advice to understand their retirement options;
  • identify increased risks in how a member has decided to access their pension funds and give appropriate warnings of the risks and implications of their chosen option;
  • send all DB members requesting a cash equivalent transfer value (CETV) a template letter signed by TPR, the Financial Conduct Authority (FCA) and the Money and Pensions Service, which runs The Pensions Advisory Service;
  • monitor CETV requests and inform FCA of unusual or concerning patterns, such as spikes or the same adviser across multitude of requests.

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Schemes to issue transfer warning

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

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