The provisions primarily relate to: independent financial advice for those transferring out of defined benefit schemes; sums and assets that may be designated as available for drawdown, the conversion of certain benefits for drawdown and the calculation of lump sums; restrictions on the conversion of benefits while schemes are winding up and the payment of lump sums while schemes are in the assessment phase for access to the Pension Protection Fund; and changes to transfer rules for pension scheme members to facilitate the new flexibilities.
This Regulatory Impact Assessment considers the costs and benefits of the proposals and assesses the impact on business, charities and the voluntary sector.
Pensions Schemes Bill - Regulatory Impact Assessment