PASA Chairman to chair industry working group on incentivised transfers
The Pensions Minister, Steve Webb, announced at the recent NAPF Annual Conference, October 2011, that Margaret Snowdon, OBE, Chairman of PASA, is to chair an industry working group to develop a Code of Practice to cover all forms of incentivised transfers. He warned that the Government will legislate against ETVs and pension increase exchange exercises if the industry fails to raise standards in the next 12 months. As such, a working group has been formed to include key industry groups such as NAPF, CBI, ABI Aifa and PASA to work on this code of practice.
Snowdon commented, "I welcome this opportunity to ensure that, as an integral part of any incentive exercise, members will have access to balanced information to help them make the right decision and to ensure that exercises are conducted in a safe and fair way. It reinforces the PASA view that good practice leads to better outcomes for members and other stakeholders.”
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