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ARTICLE · 18 JUNE 2015

UK Changes To Pension Transfer Rules Come Into Effect

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On June 8, 2015, the FCA published a Policy Statement and final rules on changes to the pension transfer rules.

United KingdomFinance and Banking
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On June 8, 2015, the FCA published a Policy Statement and final rules on changes to the pension transfer rules. The amendments, which were consulted on in March this year, are needed to ensure that the rules reflect the change to legislation that made it a regulated activity to advise on the conversion or transfer of safeguarded pension benefits into flexible benefits. The FCA has also made changes to the Conduct of Business rules so that pension transfer requirements apply to all pension transfers, regardless of when the transferred benefits are accessed. The new rules came into force on June 8, 2015.

The Policy Statement is available at: http://www.fca.org.uk/static/fca/documents/policy-statements/ps15-12.pdf.

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