member transfers

PP looks at the issues schemes will have to address after 6 April

The government has been urged to ban defined benefit to (DB) to defined contribution (DC) transfers to minimise "complexity and confusion" after April 6.

The government is introducing an income tax exemption for payments made for advice on transfers out of defined benefit (DB) schemes.

While the Budget flexibilities have been largely welcomed there remains one key area of concern for trustees – defined benefit (DB) to defined contribution (DC) transfers.

The Financial Conduct Authority (FCA) is proposing changes to its rules that would require all pension transfer advice to be verified by a qualified specialist.

The Pensions Regulator (TPR) has urged defined benefit (DB) trustees to ensure an expected surge in transfers does not jeopardise scheme funding levels.