A number of firms and bodies have given their support to the revised Incentive Exercises Code which has been updated in light of the pension freedoms.
The code is published by the Incentive Exercise Monitoring Board (IEMB) and provides guidance for a well-run incentive exercise, such as an enhanced transfer value offer or pension increase exchange.
Incentive exercises can allow pension scheme members to access their benefits in a way that better suits their needs than the benefit structure defined in a scheme's rules.
The minor changes to the code were praised in the context of change in the sector by Society of Pension Professionals council member Hugh Nolan. "Given the upheaval in the pensions space over the last couple of years, it's refreshing to see new pension guidance that only introduces minor changes, which are all practical and make perfect sense," he said.
It showed the IEMB did a solid job with the original code and therefore did not need to tinker with it, Nolan continued.
Barnett Waddingham head of corporate consulting Nick Griggs added: "The examples provided alongside the code to help define when an exercise falls within scope, or not, are particularly helpful."
The Association of Consulting Actuaries said it was assisting with the communication of the code by publishing it on its website.
The code was launched in 2012.
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