The Pensions Regulator says a template designed to help scheme administrators give advisers standardised information about members who want to transfer out of defined benefit schemes will be launched this autumn.
Speaking at Money Marketing’s Retirement Summit today, TPR head of policy Fiona Frobisher shed light on how the template fits into the joint strategy being developed between the regulator and FCA.
In February both regulators announced they were working on a joint strategy to set out how they will work together to tackle risks to the pensions sector in the next five to 10 years.
Their main aim is to ensure people have enough money to live off in retirement and a key focus is supporting good choices and actions for scheme members.
Frobisher said one area of concern has been the different approaches administrators and advisers take to the information required about members to process a transfer.
While administrators usually provide generic information about members, advisers need more specific details to work out if a transfer should go ahead.
Therefore the TPR and FCA have been working on a form over the past year that scheme administrators can give to advisers with the right information to help them asses whether a member should transfer.
Frobisher said: “DB transfers are where there have been massive discrepancies between what advisers and administrators need. We have been working with the FCA to address these and a draft template of what standard information administrators should include should be ready by the summer.
“We will release it in the autumn with the FCA alongside the whole joint strategy instead of sharing bits of the strategy in dribs and drabs.”
The FCA’s consultation asking for input into the joint strategy closes on the 19 June.