The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) (Amendment) Regulations (Northern Ireland) 2018

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.