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Article - The great pensions transfer debate
Administration standards for DB to DC transfers need to become more consistent, say Margaret Snowdon and Kim Gubler of PASA, in a Pensions Insight article.
As a first step, PASA’s Transfers Working Group will invite key individuals at the main administration provider firms to discuss the issues and potential solutions, sharing some of the initiatives already under way. The output of this will ensure we focus on areas that will most positively impact on the process with the least disruption for schemes.
The Group will look at the transfer information and payment processes, to develop realistic standards which members and the industry can depend on, ensuring they are as aligned as possible with the IFA and insurer community. There are some quick wins to help members in the short term and some other areas that will take a little longer, but the important message is that the journey has begun.
The work commences with an Autumn workshop and PASA will publish our initial findings before the end of the year.