The low level of gilt yields and the growing impact of Freedom and Choice has led to a massive surge in demand for those wanting to transfer their pension from a defined benefit (DB) to a defined contribution scheme.
One administration firm reported that overall levels of transfers have increased by six times since 2014 – noting the level of transfers for those members with transfer values greater than £500,000 has increased fifteen-fold. This experience is not uncommon.
Yet while both The Pensions Regulator and The Financial Conduct Authority have been keeping a close eye on this area – with the FCA publishing new rules on transfers in March and announcing it would consult on further changes over the coming months – an increasing number of businesses and schemes are seeing DB to DC transfers as a way to legitimately manage liabilities and offer members additional flexibility on retirement.
This webinar will look at how DB schemes can facilitate DB to DC transfers for members that wish to use this option; assess how advice should be provided (employer vs employee paid); ask how schemes should make members aware of such transfer options through communications; and ask how members can be best protected from poor decisions and advice.
It will also look at the extent to which DB schemes can allow and facilitate partial transfers.
Presenters
Jonathan is editor-in-chief of Professional Pensions and has been reporting on UK occupational pensions since 2001.
He was named IA Pensions Journalist of the Year in 2015, SPP Journalist of the Year in 2014 and 2011 and is holder of the PMI's Retirement Provision Certificate.
Nigel is currently the Head of Consulting & Actuarial at Broadstone and focuses on delivery of the Firm’s strategic goals and growing market share. Nigel is a qualified actuary with over 20 years’ experience in the pensions industry and is a scheme actuary to a number of schemes ranging from under £10 million to over £1 billion in asset size. He also specialises in liability management and pension scheme de-risking.
Nigel joined Mitchell Consulting, now Broadstone, in 2009, having previously held senior roles with, KPMG, Mercer and Aon Consulting.
Nigel sits on a number of committees for the Actuarial Profession and has been the President of the North West Actuarial Society since 2010 and is also a School Governor.
Jonathan Watts-Lay is a founding Director of WEALTH at work - a leading provider of financial education, guidance and advice in the workplace - working with a number of the UK’s leading companies to help employees understand their financial benefits.
Jonathan is also a recognised commentator on financial matters, particularly with regard to pensions and retirement and is often quoted in the national and trade press and frequently speaks at roundtable and workshop events.
Jonathan’s latest development is a service for employers and employees which responds to the pension rules that came into force in April 2015.
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