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This guidance follows amendments to the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations 2015. The amendments require trustees and scheme managers to:
send tailored communications (personalised risk warnings) to members with safeguarded-flexible benefits
use the transfer value of members’ safeguarded benefits, when assessing whether the value of their pension pots is above the threshold at which they are required to take financial advice
make transitional arrangements to inform members who are affected by the change in valuation methodology