Consultation outcome

Bulk transfers of defined contribution pensions without member consent: draft regulations

From:
Department for Work and Pensions
Published
26 October 2017
Last updated
30 April 2018 — See all updates
This consultation has concluded

Download the full outcome

Government response: Simplifying the process for defined contribution pension scheme consolidation whilst maintaining member protections

PDF, 188 KB, 22 pages

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Detail of outcome

We published this government response to the consultation on the Occupational Pension Schemes (Preservation of Benefits and Charges and Governance) (Amendment) Regulations 2018 on 26 February 2018.

Guidance

We published guidance on bulk transfers without consent of money purchase benefits without guarantees on 30 April 2018.

Original consultation

Summary

This consultation seeks views on draft regulations intended to simplify the bulk transfer of defined contribution pensions without member consent.

This consultation ran from
to

Consultation description

This consultation seeks views on draft regulations which would:

  • replace the requirement to obtain an actuarial certificate for bulk transfers of defined contribution (DC) pensions without member consent (DC to DC) with an alternative test and new member protections
  • remove the scheme relationship condition for these transfers
  • maintain charge cap protections for those transferred without consent

This consultation follows an earlier call for evidence on bulk transfers of defined contribution pensions without member consent (December 2016).

We welcome views from any interested parties, particularly:

  • pension industry bodies and professionals
  • trustees or scheme managers
  • pension scheme members and beneficiaries
  • employers and representative organisations

Documents

Consultation: The Occupational Pension Schemes (Preservation of Benefits, Charges and Governance) (Amendment) Regulations 2018

PDF, 227 KB, 30 pages

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Draft regulations: The Occupational Pension Schemes (Preservation of Benefits, Charges and Governance) (Amendment) Regulations 2018

PDF, 165 KB, 3 pages

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Published 26 October 2017
Last updated 30 April 2018 + show all updates

  1. Added a link to new guidance on bulk transfers in the 'Detail of outcome' section of the page.

  2. We published the government response to this consultation on 26 February 2018.

  3. First published.

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