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The Pensions Regulator publishes Corporate Plan 14 April 2015
The Pensions Regulator has published their latest corporate plan which includes how they intend to improve standards in workplace pension schemes and enable good outcomes for retirement savers.
Corporate plan 2015 – 2018
The corporate plan sets out what we can expect form the Regulator over the next three years:
Establish and run a regulatory regime for public service pension schemes. Embed the regulatory regime around the government’s defined contribution (DC) pension reforms and flexibilities. Give guidance to over a million small and micro employers as they provide workplace pensions to their workers for the first time, and to those employers at the triennial anniversary following initial compliance with their employer duties, so they are equipped to deal with their ongoing duties. Disrupt the evolving pension scams models. Regulate the defined benefit (DB) market. Recognising we operate in a challenging environment, we will work with employers and trustees in line with our DB strategy and code of practice. Engage with developing policy initiatives such as defined ambition and automatic transfers, and in Europe in our role as a member of EIOPA. The Regulator will also be working with central government on the statutory review of automatic enrolment due in 2017 and other government reviews.
Final guidance published on transfers from DB to DC schemes 15 April 2015
The Pensions Regulator has published its final guidance to assist trustees and managers of defined benefit (DB) pension schemes to manage member requests for transfers into defined contribution (DC) schemes and conversion of benefits within the same scheme. The greater flexibility offered to members of DC schemes from 6 April to access their pension savings has the potential to increase the number of members requesting a transfer of their benefits.
Where members are converting to DC benefits within a scheme there is no obligation for trustees to provide the new decumulation options permitted after 6 April 2015.
The final guidance aims to:
explain the new requirement for trustees to check that members have obtained appropriate independent advice before transferring or converting ‘safeguarded benefits’ (such as DB benefits) to DC benefits help trustees ensure they have appropriate processes in place to manage transfer requests prompt trustees to consider the impact of transfer values as part of an integrated approach to risk management of their scheme require trustees to provide clear information for members so that they can get independent advice on the best option for them The regulator has also published its response to feedback received during its consultation on the guidance. The regulator received 53 responses from representative and professional bodies, employers, trustees, advisers and individuals. Generally, respondents welcomed the guidance as a basis to prepare for the reforms and to understand the new financial advice requirements where a member’s safeguarded benefits have a cash equivalent transfer value of above £30,000.
CIPP Policy News Journal
25/04/2016, Page 361 of 453
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