SAFEGUARDED-FLEXIBLE PENSION BENEFITS: DWP GUIDANCE
The DWP has today published non-statutory 'best practice' guidance on the regulations which require trustees and scheme managers ('providers') to:

  • send tailored communications (personalised risk warnings) to members with safeguarded-flexible benefits;

  • use the transfer value of members' safeguarded benefits, when assessing whether the value

of their pension pots is above the threshold at which they are required to take financial advice; and

  • make transitional arrangements to inform members who are affected by the change in valuation methodology.

The DWP has taken this step as a result of the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) (Amendment) Regulations 2017 (SI 2017/717) (the

'risk warning regs') and the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) (Amendment No.2) Regulations 2017 (the 'valuation regs', currently in draft form). Both sets of regs (on which we reported earlier) amend the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations 2015 (SI 2015/742) and both are due to come into force on . . .

13 Nov 2017   Check other news items



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