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.”