PLSA comments on pension transfers

The Pensions and Lifetime Savings Association (PLSA) has today released a new comment on the pensions transfer process.

Tim Gosling, Policy Lead: DC, Pensions and Lifetime Savings Association, said:

"The PLSA and the occupational sector supports faster and safer transfers. The median transfer time is 11 days, and although some are much longer¹, this is principally due to the need to combat fraud risks and achieve appropriate oversight. Whilst the speed of a transfer is one element that a trustee must consider, ensuring the transfer occurs safely and that members get the maximum benefit from their savings is of greater importance. In an environment where pension scams are occurring at an unprecedented level, a degree of caution on the part of occupational schemes should be welcomed.

"The PLSA is member of the industry group, Transfers and Reregistration Improvement Group, looking at innovative solutions to improve the speed of transfers whilst placing an emphasis on member protection and security.  Whilst there is room for improvement, it should be noted that YouGov research commissioned by the group showed that 85% of people were either fairly satisfied or very satisfied with their transfer, and 88% found it either fairly easy or very easy."

-Ends- 

NOTES TO EDITORS:

PRESS CONTACTS

Lee Blackwell, Head of Media & PR, Pensions and Lifetime Savings Association
T: 020 7601 1726, M: 07713 073 023, E: [email protected] 

Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007713, E: [email protected] 

ABOUT THE PENSIONS AND LIFETIME SAVINGS ASSOCIATION  

We’re the Pensions and Lifetime Savings Association; the national association with a ninety year history of helping pension professionals run better pension schemes. Our members include over 1,300 pension schemes with 20 million members and £1 trillion in assets, and over 400 businesses. They make us the voice for pensions and lifetime savings in Westminster, Whitehall and Brussels.   

Our purpose is simple: to help everyone to achieve a better income in retirement. We work to get more money into retirement savings, to get more value out of those savings and to build the confidence and understanding of savers.