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."

Back to Index


Similar News to this Story

PPF issue revised contingent asset agreements
The Pension Protection Fund (PPF) has published updated standard form contingent asset agreements along with revised guidance. The final rules for the
Comment on the DWPs objectives for the next four years
Kate Smith, Head of Pensions at Aegon comments on the DWP’s objectives for the next four years
PPF can take the strain after Carillion insolvency
Carillion’s dramatic and sudden insolvency is likely to push its 13 defined benefit (DB) schemes, and their 28,000 members, into the Pension Protectio

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.