UK:
UK Changes To Pension Transfer Rules Come Into Effect
18 June 2015
Shearman & Sterling LLP
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On June 8, 2015, the FCA published a Policy Statement and final
rules on changes to the pension transfer rules. The amendments,
which were consulted on in March this year, are needed to ensure
that the rules reflect the change to legislation that made it a
regulated activity to advise on the conversion or transfer of
safeguarded pension benefits into flexible benefits. The FCA has
also made changes to the Conduct of Business rules so that pension
transfer requirements apply to all pension transfers, regardless of
when the transferred benefits are accessed. The new rules came into
force on June 8, 2015.
The Policy Statement is available at:
http://www.fca.org.uk/static/fca/documents/policy-statements/ps15-12.pdf.
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.
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