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DB template will bring ‘clarity’ on transfers regulators say

A template designed to help scheme administrators and advisers process defined benefit transfers will help them be completed more easily regulators say.

Last July The Pensions Regulator told delegates at Money Marketing’s Retirement Summit that a template to simplify transfers would be released in the autumn.

The template aims to enable scheme administrators to give advisers standardised information about members who want to transfer out of DB schemes.

TPR and the FCA had been working on the form together as part of their joint strategy to tackle risks to the pensions sector in the next five to 10 years.

But the template did not materialise as quickly as planned and the roll out of the template was passed to the Pension Administration Standards Association several months ago.

Now the template will be released in early July as part of a broader code of good practice on DB to defined contribution transfers being worked on by PASA.

A TPR spokesperson says: “The industry, TPR and the FCA all agree that a transfer template will bring the benefit of greater clarity to savers and providers, so transfers can be completed more quickly and more easily.

“PASA has been developing a code of good practice on DB – DC transfers and it was agreed several months ago that the development of the template fitted neatly with that work.

“Both TPR and the FCA are continuing to support PASA on the development of the template and look forward to it coming into use as early as possible.”



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There are 6 comments at the moment, we would love to hear your opinion too.

  1. DB Pension statements have been unclear for decades. The number of prospects I have seen with deferred pension income shown at the value when the scheme closed I cannot count. There is no adjustment for increases since leaving the scheme, no statement highlighting this income will increase, no revaluation. The client has no chance, yet this has been allowed to continue for decades.

    The issue as always will be timing, will there be sufficient time for any client to gain the advice and consider their action. Will this template provide the true information, in full for an adviser to be able to undertake a full analysis in the time provided?

    On a side note, you cannot make it up, if an adviser uses a template Suitability Letter, even with personal details included this is seen as a negative against them? Yet, a template for DB Administrators is now seen as a must.

  2. Duncan Gafney 22nd May 2019 at 3:57 pm

    It’s almost funny that we still haven’t got this, but I guess at least it’s finally happening.

  3. So one set of numpties is talking to another set of numpties to pull together what they think advisers need…that will work first time then won’t it as there is no flaw in what they are doing….other than perhaps asking advisers what they actually need.

    Will they provide details on early retirement fcators, late retirement factors, commutation rates at various ages, whether bridging pensions are included, whether GMP increaes will occur at GMP age if taken before GMP age originally. Will they clearly detail all escalation rates and indexation rates for each tranche of accrual clearly. Will they clearly split out what amounts of accrual in each tranche have one normal retirement age and those that have a later NRA. etc etc etc. I guarantee that the template will not even scratch the surface of what we need and the scheme adminsitrators will then fight tooth and nal not to supply any info we request in our follow ups to gather all the info they have missed due to an inadequate template being used, but they will say that is what the TPR and FCA say you need so if you want anytuing else then that is not fair and reasonable and we will charge for the additional info, oh and by the way we will take 6 to 8 weeks to respond to teh 2nd request. They need to impose strict timescales on the service levels of supplying the info we request.

    • Graham Hughes 23rd May 2019 at 8:44 am

      We, as I imagine most advisers, send the trustees/administrators a request for info letter which covers all the information we will ever require (as clearly the “standard” bumph sent out it many cases does not). This certainly did not take well over a year to produce, (heads together over a coffee and voila) and it will be disappointing if the “official version” is less comprehensive, but I suppose we must wait and see.

  4. James Hurdman 28th May 2019 at 1:01 pm

    Was the PFS consulted?

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