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Commenting on the Pensions Regulator’s warning to trustees on the dangers of paying out more in transfers than a scheme can afford and putting remaining members’ benefits at greater risk, Ryan Markham, Head of Member Options, Hymans Robertson, says: |
“It is vital that the transfer terms offered are fair to both members transferring and those who stay put. Particular scheme and company demographics (including insolvency risk) will influence engagement rates in transfer values and how frequently transfer terms need to be reviewed to ensure they reflect the financial health of the scheme. The transfer terms themselves are however only one element of this. “The decision for a DB pension scheme member about transferring out is a one-time only, life changing, decision. The risks to the individual of making the wrong choice are huge and their decision should be based purely on what is best for them given their personal circumstances. For the majority of members, staying in the DB scheme may well be the most suitable option but for a significant minority transferring out could make sound financial sense. Trustees must ensure members’ interests are the priority and put measures in place to help reduce the risks of making the wrong decision, regardless of the terms of on offer. Members need access to clear information about their choices as well as quality support to help them make the right choice.” |
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