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Lawyers say authorised surplus payments to members will add to the burden on the already stretched admin industry under current rules (iStock.com/notwaew)
The age threshold for lump sum payments of defined benefit (DB) surplus to members could ramp up the existing administrative burden on schemes and potentially limit uptake of the benefit under current provisions, according to pension lawyers.
Under the proposed rules, schemes will be required to defer payments of funds they wish to award to members until they reach the normal minimum pension age (NMPA) of 55, rising to 57 from April 202...
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