NEWS   |    November 22, 2021

Radical overhaul to member transfer rights from 30 November 2021 – are you ready?

New requirements from 30 November 2021 will prevent trustees making certain statutory transfer payments and give them a discretion to decline to pay many others. In many cases members will need to prove they have attended a Money Helper advice session with the Money and Pensions Service (“MaPS”) to unlock the transfer payment.

Most trustees rely on their administrators to manage the payment of transfers and assume that administrators will be on top of this new law. However, there are transfer policy decisions which trustees need to make to operate effectively within this new regime.

The new law applies to all transfer applications made on or after 30 November 2021. Any transfers already making their way through the system are not caught by the new requirements, but some administrators are introducing new policies applicable to all transfers which are paid from 30 November 2021 to avoid compliance mishaps in the run up to the changes.

This update examines the new requirements and what trustees should know and prepare for ahead of them taking effect on 30 November 2021.

To read and download our practical guide, please click here

The views in this article are intended for general information purposes only and should not be used as a substitute for professional advice. Arc Pensions Law and the author(s) are not responsible for any direct or indirect result arising from any reliance placed on content, including any loss, and exclude liability to the full extent. Always seek appropriate legal advice from a suitably qualified lawyer before taking, or avoiding taking, any action. If you have any questions on the points raised in the above, please do not hesitate to get in touch.

Related News