The Association of British Insurers (ABI), the UK insurers' trade body, has published new guidelines on pension transfers to take into account changes in the pension tax regime which came into force on A-Day.
The document, Statement of Good Practice on Pension Transfers, also simplifies the forms used by advisers for moving pensions between providers. The forms are also now compliant with the changes brought in on A-Day, April 6, 2006.
Helen McCarthy, the ABI’s head of pensions and savings development, said: This new guidance is good news for customers, financial advisers and pensions companies. It will make it easier for people to move pension pots between providers, and improve the service that they receive when they do.
Over time, we anticipate that there will be fewer pension pots, but with more money in them. This will help savers keep track of their pension funds more easily and improve investment returns.