Hogan Lovells

Key Dates

Consultation and draft regulations issued on 26 October 2017.

The consultation period ends on 30 November 2017.

The draft Occupational Pension Schemes (Preservation of Benefits) (Amendment) Regulations 2018 expected in force on 6 April 2018.


Summary

Following a call for evidence in December 2016, the DWP has issued draft regulations for consultation in relation to bulk transfers of DC benefits to another DC arrangement without consent.  The proposed changes will apply only to "pure DC" benefits and will not be applicable to money purchase benefits with guarantees.

Actuarial certificate (scheme quality requirement)

o    review the receiving scheme, with the assistance of guidance from the DWP or the Pensions Regulator; and

o    take advice from a suitably qualified investment professional who is independent from the receiving scheme.

Scheme relationship condition

Member protections

o    a scheme in which their investments are protected by the charges cap to a scheme in which the cap would not apply to them; or

o    an investment fund or arrangement in which their investments are protected by the charges cap to a fund in which the cap would not apply.



Date Accessed: 03/12/2021