New guidance has been issued by The Pensions Regulator on the transfer of pensions to another scheme
The trustees of the existing pension scheme must make checks before pensions can be transferred. Business advisors should also make checks to ensure the new scheme is bona fide – scams abound! Although ICB members are not officially business advisors, if you have a client who is changing their pension scheme then it would be good to carry out basic checks. These include:
- Collecting information that the new pension scheme is recognised and bonafide
- Carrying out due diligence – is it a listed scheme and check for red and amber flags in employment links and overseas residency
There is a toolkit for the full checks available by searching on the TPR website.
On Thursday 3rd February 2022, TPR will be holding an automatic enrolment webinar targeted at advisers which will cover the following topics, followed by a live Q&A. Topics include:
- Initial duties for new employers (including dealing with directors and choosing a scheme)
- Ongoing duties (inclusive of opting-in, opting-out, use of postponement, what happens if you make a mistake)
- Re-enrolment & redeclaration (inclusive of how re-enrolment works and what to consider)
