Defined contribution (DC) and contracted-out rights will be allowed to be transferred without member consent under regulations soon to be introduced.
Also, sponsors of multi-employer schemes will get some reprieve as a new debt arrangement is introduced to alleviate the immediate section 75 burden often faced when ceasing to be an active employer. ...
More needs to be done to speed up DB to DC transfers but, as Jonathan Stapleton says, more also needs to be done to protect members.
The Pensions Ombudsman (TPO) took on 2,566 early resolution cases in 2018/19 after onboarding a team from The Pensions Advisory Service (TPAS), according to its annual report and accounts.
The lifeboat fund is in a good position despite reserves taking a £0.6bn hit. But the ramifications of the EU judgment on member compensation is an area of concern for CEO Oliver Morley, writes Stephanie Baxter