Finalised guidance for trustees of defined benefit (DB) pension schemes has been published giving further clarity on how they should deal with transfer requests from members looking to take advantage of pensions freedom.
It outlines trustees' obligations in handling DB to defined contribution (DC) transfers and provides more detail on the requirement for members to take independent advice for the transfer of pots more than £30,000. The regulator said greater flexibility offered to members of DC schemes from 6 April could increase the number of members requesting transfers out of final salary schemes. It said where members are converting to DC benefits within a scheme there is no obligation for trustees to provide the new decumulation options allowed after 6 April. The final guidance aims to: ...
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