Pensions - Articles - PLSA comments on Pension Transfers

Tim Gosling, Policy Lead: DC, Pensions and Lifetime Savings Association, comments on the pensions transfer process.

 The PLSA and the occupational sector supports faster and safer transfers. The median transfer time is 11 days, and although some are much longer1, this is principally due to the need to combat fraud risks and achieve appropriate oversight. Whilst the speed of a transfer is one element that a trustee must consider, ensuring the transfer occurs safely and that members get the maximum benefit from their savings is of greater importance. In an environment where pension scams are occurring at an unprecedented level, a degree of caution on the part of occupational schemes should be welcomed.

 "The PLSA is member of the industry group, Transfers and Reregistration Improvement Group, looking at innovative solutions to improve the speed of transfers whilst placing an emphasis on member protection and security. Whilst there is room for improvement, it should be noted that YouGov research commissioned by the group showed that 85% of people were either fairly satisfied or very satisfied with their transfer, and 88% found it either fairly easy or very easy."

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