United Kingdom | Publication | May 2022
Updated guidance sets out good practice for trustees and administrators for processing defined benefit (DB) transfers.
Published on May 3, 2022, by the Pensions Administration Standards Association (PASA), the guidance sets out principles for achieving a “faster, safer and more efficient” transfer experience. These include the need for clear and timely member communications, keeping members and other third parties informed about delays, and wherever possible using standard transfer templates for scheme and member information requests.
The guidance also has practical tips for improving member experience, such as supplying an early retirement quote when a member is over normal minimum pension age and moving to online identity verification rather than asking for paper-based ID.
In the light of industry feedback, the final guidance does not set out specific timescales for tasks.
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On 10 December 2024, the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 were laid before Parliament, together with an Explanatory Memorandum.
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On 28 November 2024, the Financial Conduct Authority (FCA) published CP24/2, Part 2 in relation to its controversial ‘name and shame’ proposals, having trailed this in oral evidence before the House of Lords Financial Services Regulation Committee earlier in November.
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As previously observed, conflicts occasionally arise between mortgagees and charterers where a mortgagee wishes to take prompt action to enforce its rights, but the charterer wishes such enforcement action to be deferred until the end of the charter.
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