Safeguarded benefits: Pension transfers and opt-outs

At the end of January, the Department of Work and Pensions (DWP) published a short, but long-awaited paper Pension benefits with a guarantee and the advice requirement. In this factsheet, the DWP outlines exactly what constitutes a safeguarded benefit, which includes: • Guaranteed annuity rates (unless the GAR is held as a separate insurance policy within the pension); • Minimum income guarantees within a retirement annuity contract; • Buyout policies that secure a pension income. To be a safeguarded benefit, there must be a guarantee for the pension to pay a certain level of pen...