Documents

The SPP believe that the FRC have done a good job in dealing with what is an increasingly complex area. However, there are some improvements that could be made, both for clarity and to reduce the amount of work needed that wouldn’t add material value to the advice. If these changes are made, the new Technical Actuarial Standard for pensions is likely to provide strong support for practitioners carrying out actuarial work under the new DB funding regime.

This is a short response to the FCA Discussion Paper, focusing on just one of the nine questions, the important issue of Transfer Regulations. The regulations continue to result in delays in transfer processing; don’t align with the original policy intent and are causing schemes and members considerable problems. As a result, this response highlights industry concerns with a view to securing a practical solution.