Pensions Law Summary - Transfer Check Requirements

In this summary, we discuss the new transfer check requirements for trustees and scheme managers that came into force on 30 November 2021

14 February 2022

Welcome to Burges Salmon’s Pensions Law Summary on Transfer Check Requirements.

Our pensions law summaries aim to simplify complicated topics in pensions law and provide practical steps for employers and trustees. These summaries cover a range of topics including GMP equalisation, master trusts and notifiable events.

Our team are experts in all areas of pensions law and can assist you with any issues or questions you may have on this topic.

The Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021 Regulations require trustees/scheme managers of occupational and personal schemes to ensure that at least one of two conditions is met before processing a statutory transfer request. The Regulations operate so that trustees cannot process a transfer request and members lose their right to a statutory transfer if the conditions are not met. Meeting the conditions as drafted exactly is not necessarily straightforward and trustees/scheme managers need to weigh up how cautious an approach to take. In this summary, we look at the new requirements and what trustees / scheme managers must do when presented with a request to take a statutory transfer.

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