PASA released Good Practice Guidance on DB Transfers at its annual conference held in London today.
Chair of the DB Transfers Working Group, James Ellison, commented: “This Guidance sets out the principles and suggested simplified approaches for faster, safer and more efficient transfers which comply with regulations. The proposed processes aren’t prescriptive – administrators are free to adapt them as necessary to fit their preferred operating model. However, the principles of the Guidance should be followed at all times.”
Work on including industry feedback from the PASA DB Transfers Consultation was interrupted by the COVID pandemic and delayed further by the fundamental changes to transfers arising from the 2021 Transfer Regulations, which came into effect on 30 November 2021. Both had a significant impact on the development of the Guidance which was drafted in response to the industry’s desire for greater flexibility in dealing with DB transfers.
PASA President, Margaret Snowdon OBE, said: “PASA’s mission is to improve administration standards and the DB Transfers Working Group was asked to develop guidance on DB transfers which prioritises the member and their needs. The Guidance is designed to support transfer processes which contribute to a better end-to-end member experience, ensure members and adviser communications are timely and helpful and help to protect members from pension scams. We ask for the industry to work together to make defined benefit transfers faster, safer and better in order to improve member outcomes.”