Tisa Exchange, the Tax Incentivised Savings Association’s re-registration service, has begun work to bring pension transfers into the project’s scope.
A Tisa working group has been put together and a draft set of service level agreements have been submitted for legal review. The group plans to liaise with the Department for Work Pensions as part of the small pots initiative.
Tisa says all types of pension types will be considered, including Sipps and uninsured personal pensions. The group will also review the implications, processes and set-up costs involved in order to establish an implementation timeline and to raise the necessary funding.
Tisa Exchange chairman David Dalton-Brown says: “All clients will benefit from the work we have done to speed up re-reg to six working days.
”While the focus of Tisa Exchange to date has necessarily been on the re-registration of funds it has always been the intention to broaden the scope to include other assets.
”There is significant interest from the industry to include pensions and the establishment of this dedicated project group is the next step in the development programme to bring this about.”