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Pensions regulator nears DB transfer template for advisers

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 available soon.

Speaking at The Great Pension Debate III in London today, TPR executive director for regulatory policy David Fairs gave an update on how the template is progressing.

Back in June Money Marketing reported the template was being developed jointly by TPR and the FCA to help IFAs from administrators and trustees to get baseline details on members looking to transfer in a consistent way.

The watchdog said it had been working on a form over the past year that scheme administrators can give to advisers with the right information to help them assess whether a member should transfer.

Fairs said the template will be available soon and also touched on other policies to help members in the context of DB transfers.

These are a review of the British Steel Pension Scheme communication exercise being led by former Money Advice Service chief executive Caroline Rookes and the letter TPR has sent to trustees of distressed schemes.

He said: “Our primary concern is all members have the information they need to make good choices when they consider a transfer out of a final salary scheme. Caroline Rookes has gathered feedback from steelworkers as part of her review. We will look at her recommendations and consider if we need to take any action stemming from them.”


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  1. Have seen excellent and also very poor practice of information being presented.

    Anecdotally, there seems to be a surprising number of schemes which can’t provide scheme booklets – very odd and one can only speculate as to why they are unable to do so.

    One key issue is the lack of schemes being able to provide relatively simple information in a timely manner. Scheme booklets being one example however time and again we ask for member statements either at deferment or current value and frequently get something totally different (e.g. benefits at NRD projected forward!).

    Initially deferred and/or projected benefits are broadly meaningless however obtaining a current statement of current benefits at times feels like we’re asking for the undeliverable.

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