The following Pensions practice note provides comprehensive and up to date legal information covering:
The Pension Schemes Act 2015 (PSA 2015) covers three main areas:
the new ‘defined ambition’ pensions
the provision of the ‘guidance guarantee’, and
amendments to the cash equivalent transfer provisions of the Pension Schemes Act 1993 (PSA 1993)
Defined ambition schemes are able to be set up as schemes that offer targets of benefits, but where the right is only to the funds in the pot. This allows the sharing of risk and return between members, but without schemes being subject to most of the defined benefit rules in the rest of pensions legislation.
The guidance guarantee is the free pensions ‘guidance’ offered at retirement for all members of a defined contribution pension scheme, effectively to explain the options there are on decumulation—particularly following the changes announced in the 2014 Budget coming into force from 6 April 2015 under the Taxation of Pensions Act 2014 (TPA 2014). The provision of the guidance is being regulated by the Financial Conduct Authority and there is an obligation on trustees and providers to ‘signpost’ the existence of the guidance to members so that they make use of it.
For further information, see Practice Note: The pensions guidance offered by the Money and Pensions Service (MaPS) since 1 January 2019.
The cash equivalent transfer legislation under PSA 1993, in addition to the provisions in a scheme's rules, gives a member
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