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