Retirement communications in occupational DC schemes

The following Pensions practice note provides comprehensive and up to date legal information covering:

  • Retirement communications in occupational DC schemes
  • The legislative framework
  • Which schemes must comply?
  • What does 'flexible benefit' mean?
  • Requirement to provide 'retirement wake-up pack' when member first considers retirement options (Reg 18A)
  • The disclosure requirement
  • Conditions
  • Timing
  • Method of disclosure
  • Contents of 'retirement wake-up pack'
  • More...

Retirement communications in occupational DC schemes

CORONAVIRUS (COVID-19) UPDATE: On 29 April 2020, TPR issued guidance requiring DB trustees to issue a letter template to all members requesting a CETV quote for the foreseeable future. The letter contains points for the member to consider before making a transfer decision. Moreover, DB trustees should actively monitor the number of requests for CETV quotes they receive and which advisers are supporting the members’ request. If the trustees identify unusual or concerning patterns, such as spikes in CETV requests or the same adviser across a multitude of requests, they should contact the FCA on DBTransferSchemeInformation@fca.org.uk.

For more information, see Practice Note: Coronavirus (COVID-19)—the pensions implications for trustees.
FORTHCOMING DEVELOPMENT: In a Statement of Policy Intent dated 28 October 2020, the Department for Work and Pensions (DWP) announced ‘stronger nudge’ measures to encourage people to engage with Pension Wise, a free service which provides impartial guidance for people over 50 years of age with an occupational pension.

More specifically, the DWP announced it would commence FGCA 2018, s 19 (requiring the Secretary of State to make regulations which place a duty on trustees to refer members/beneficiaries to appropriate pensions guidance when dealing with applications to access pension savings using the pension flexibilities, and to ensure the member/beneficiary has either received

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