This Regulatory Impact Assessment considers the impact of providing for a new requirement for schemes to send members with ‘safeguarded-flexible’ benefits information about the guarantees those benefits offer, before they proceed to transfer, convert or flexibly access them. The Assessment also considers the impact of providing for a simpler process for trustees and scheme managers to value members’ pension savings, classified as ‘safeguarded benefits’, when determining whether the requirement to take financial advice applies.
The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) (Amendment) Regulations (Northern Ireland) 2018