Pensions - Articles - Updated COVID19 guidance from The Pensions Regulator

 In an update to COVID-19 guidance for DC schemes ,TPR is reminding trustees transfers between defined contribution (DC) schemes are one of a number of core financial transaction, and a common way for members to access their benefits, so need to be one of a scheme’s priorities during COVID-19.

 TPR’s guidance published at the end of March explained trustees of defined benefit schemes may choose to delay new member requests for transfer quotations by up to three months to review their transfer basis. This is not the case for transfers between DC schemes where the valuation of benefits is less complex.

 David Fairs, TPR’s Executive Director of policy, said: “The COVID-19 pandemic has created unprecedented challenges for pension schemes and their members. That’s why we’ve been constantly reviewing and updating our guidance to support trustees and protect savers.

 “Our latest guidance should help trustees of DC schemes prioritise what’s most important – such as ensuring DC to DC transfers are completed in a reasonable time, so savers don’t lose out.

 “As well as carrying out their due diligence on transfers, trustees should help protect members by highlighting the risk from scammers in their own communications.

 “Guidance on communicating with members during COVID-19 – including alerting them to the danger from scammers - is available on TPR’s website.”