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07 Jun 2017

Three pension associations join transfers group

A cross-industry group on improving transfers and re-registrations of pensions and investments has expanded to include workplace schemes.

The group was formed in early 2016, when eight of the leading investment and pension trade associations, alongside nominees from member firms, joined forces to investigate ways to improve the process of transferring pension and investment assets.

Founding members included the Association of British Insurers (ABI), Association of Member Directed Pension Schemes (AMPS), Association of Professional Financial Advisers (APFA), British Bankers´ Association (BBA), Investment Association (IA), Tax Incentivised Savings Association (TISA), UK Platform Group (UKPG) and the Wealth Management Association (WMA).

They have now been joined by the Pensions Administration Standards Association (PASA), the Pensions and Lifetime Savings Association (PLSA) and the Society of Pension Professionals (SPP).

The PLSA´s defined contribution policy lead Tom Gosling said: “The vast majority of people no longer have a ‘job for life´ so it is vital that the industry evolves to help them deal with using a variety of different pots and assets to fund their retirement. We are therefore delighted to join this important cross-industry group which is focused on improving transfers and re-registration.”

Chairman of the group, Tom McPhail, who is also head of policy at Hargreaves Lansdown, added: “The average worker in the UK now has 11 employers during their working life.

“This means they may be transferring a number of times between different products, or consolidating from a number of different types of products. They are also increasingly likely to want to manage their own savings and investments up to and beyond their retirement.

“For this reason, it is essential this important industry initiative includes occupational pensions, while recognising the different concerns and legal requirements facing trustees and administrators.

“The participation of this broad coalition of industry trade bodies and groups is a reflection of the importance and value of this work.”

Copyright © M2 Bespoke 2017

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