The Pensions Regulator has launched a consultation on guidance concerning DB to DC transfers and conversions (which will be governed by the provisions of the Pension Schemes Bill - see above).The proposed guidance is intended to assist trustees in meeting their obligations, in recognition of the likely increase in transfer requests from DB to DC schemes, so that members can take advantage of the new DC flexibilities. It also includes practical guidance on the steps which must be followed in relation to transfer requests under the new statutory framework, including steps which trustees should take to check that a member has received appropriate financial advice. It is proposed that the guidance will be reviewed in 2016 in light of experience. The consultation closes on 17 March 2015.
The consultation can be viewed here.