Consultant says progress with the code is a ‘marathon not a sprint’
Hymans Robertson said change will bring opportunities for well-prepared schemes
Cushon says move ‘sets a precedent’ in delivering consolidation for the DC market
The accreditation was launched last year and helps workers save more for retirement
Transaction covers 2,500 pensioners and dependants and 1,500 deferred members
Regulations will come into force from April 2024 and will apply to scheme valuations from September 2024
Cash cost to buy out the scheme will be ‘no more than £9m’ with payment expected in H1
Current director of AE Mel Charles will step into the role on an interim basis
Group says Smart Pension Master Trust ‘largely unaffected’ by the changes
The academy partnership will cover redesigning DC portfolios to help improve member outcomes