In the run up to 6 April 2015, the focus has been on defined contribution (DC) members and the new flexible options available to them. This focus has now begun to swing to the (potentially significant) number of defined benefit (DB) members who will seek to transfer their rights in order to take advantage of these new flexibilities.
To this end, trustees of DB schemes must ensure that their adminstrators have taken the necessary steps to prepare accordingly and to take into consideration any impact on transfer-related Service Level Agreements.
Recent press items suggest that we are about to see an avalanche of transfer activity descend upon DB pension schemes. Read more »