The Pensions Regulator looks to streamline the transfer process
The pension industry has for some time been calling on the Pensions Regulator (tPR) to provide a set of standard rules that are to be followed by Scheme administrators when providing defined benefit (DB) transfer information to members and/or financial advisers.
Consequently, the tPR recently announced that it is working closely with the Financial Conduct Authority to produce an information template which they hope to publish in 2018.
With the number of transfer requests being received from DB members on the increase, it is intended that this information template should reduce the amount of secondary requests received from advisers for additional information.
Generally, most transfer value quotations are guaranteed for three months. Therefore, if the transfer process can be streamlined and sped up, there will be fewer requests for additional transfer quotations to be provided if the guarantee expires on the original transfer quotation.
