Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • Sections
  • News

TPR issues updated guidance for DC schemes

Open-access content Thursday 14th May 2020
web_small_big_pensions_iStock-172415785.png
New guidance for pension schemes / iStock

Transfers between defined contribution (DC) pension schemes must still be completed in good time, despite the COVID-19 pandemic, according to updated guidance issued by The Pensions Regulator (TPR).

The guidance reminds trustees that transfers between DC schemes is one of a number of “core financial transactions” that help members access their benefits, and must remain a priority.

Previous advice issued by the regulator at the end of March outlined how trustees of defined benefit (DB) schemes may delay member requests for transfer quotations by up to three months to review their transfer basis. 

However, TPR said that this is not the case for transfers between DC schemes where the valuation of benefits is less complex. 

“Our latest guidance should help trustees of DC schemes prioritise what’s most important – such as ensuring DC to DC transfers are completed in a reasonable time, so savers don’t lose out,” said TPR  executive director of policy David Fairs.

 “As well as carrying out their due diligence on transfers, trustees should help protect members by highlighting the risk from scammers in their own communications. 

 “Guidance on communicating with members during COVID-19 – including alerting them to the danger from scammers - is available on TPR’s website.”

The latest advice outlines how, if a transfer is delayed, and investments fall in value in that period, a member’s cash equivalent transfer value (CETV) - the amount available to move to an alternative plan - will be reduced. 

Trustees must process transfers within a reasonable timeframe while still carrying out due diligence, under the guidance, and monitor all transfer activity from their scheme and work with administrators if they encounter any issues meeting demand.

“The COVID-19 pandemic has created unprecedented challenges for pension schemes and their members,” Fairs said. “That’s why we’ve been constantly reviewing and updating our guidance to support trustees and protect savers.”

Also filed in
News
Topics
Pensions

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Deputy Head of Capital Modelling

London (Central)
£110000 - £130000 per annum
Reference
144789

Head of Analytics (Actuarial)

London (Central)
£130000 - £165000 per annum
Reference
144788

Pensions Actuarial Analyst - GMP Equalisation

London (Central)
£ dependent upon experience
Reference
143745
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ