New rules from 6 April 2015 require members to take independent financial advice before transferring their DB or CARE benefits to a DC pension arrangement. Our new essential guide to DB transfers sets out clearly the information that must be provided to members at each stage of the process.
In recent months we have reported on the new statutory transfer provisions and on draft guidance issued by the Pensions Regulator (now finalised in substantially the same form). There is also a voluntary code of practice on combating pension scams. Our new guide draws on all these to provide an overview of what is required of trustees when communicating with members in relation to transferring their DB benefits.
We very much hope you find this guide useful as you grapple with the complexities of the new requirements.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
