Hogan Lovells

Key Dates

The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) (Amendment No. 2) Regulations 2017/1272 in force on 6 April 2018. 


Summary

Following consultation, regulations have been made to simplify the test against the £30,000 threshold when determining whether the independent advice requirement applies on a transfer of safeguarded benefits. As amended, the test will apply to the transfer value of the safeguarded benefits (not the total value of the member's subsisting rights, as at present). The amended test is intended to simplify dealing with money purchase benefits with guaranteed annuity rates (or another form of guarantee) which are potentially subject to the independent advice requirement.



Date Accessed: 03/12/2021