This is why it is good news to hear that The Pensions Regulator has announced plans to regularly share market intelligence on defined benefit transfers with both the Financial Conduct Authority and The Pensions Advisory Service in order to help all parties involved forge a better understanding of the risks involved in a pension transfer.
According to The Pensions Regulator, the information-sharing will occur in the following ways:
- The sending of weekly reports to The Financial Conduct Authority and The Pensions Advisory Service.
- Monthly conference calls between The Financial Conduct Authority, The Pensions Advisory Service and The Pensions Regulator.
- Quarterly meetings with the Pension Protection Fund to discuss important issues as they arise.
In addition, the regulator has said that it has developed two template letters:
- One for pension scheme trustees to help them clarify their obligations.
- One for members to use at the transfer value quote stage – this will include key aspects to consider as well as information about where they can go to receive impartial guidance
Meaningful cooperation
The Pension Regulator says that when it identifies issues with a scheme, it will share the information with The Financial Conduct Authority and The Pension Advisory Service.
Furthermore, the joint protocol agreement states that “where the FCA wants to contact a particular pension scheme directly to get information from the trustees on financial advisory firms advising on transferring out the scheme, it will first seek TPR’s agreement”.*
Blacktower, International Pension Transfers
If you have a defined benefit plan or other scheme and are considering the best way to manage this important asset, including the possibility of a pension transfer into a QROPS or SIPP, we can help.
Blacktower’s international pensions transfer specialists can help you decide whether a transfer is suitable for your circumstances, whatever your country of origin and current country of residence. Contact us today.
* https://www.fca.org.uk/publication/mou/fca-tpr-tpas-joint-protocol.pdf page 6
We have all had different experiences in the past years, but 2020 will forever be the year that this generation will never forget.
The later part of the 20th century saw its fair share of financial bubbles. There was the property bubble, stock market bubbles, and then the dot com bubble of 2000, just to name a few. In each instance, people paid exorbitant amounts for things that shouldn’t have been worth anything like the going price. But this is nothing new – look back at the Dutch in the 17th century when already pricey tulip bulbs experienced a twentyfold price explosion in just a single month.