16 June 2006
The Association of British Insurers has published an updated
version of its Statement of Good Practice on Pension Transfers.
The new version of the Statement of Good Practice on Pension
Transfers takes into account changes to the pensions tax regime
which came into force on A-Day, 6 April 2006, and incorporates
improvements made in the light of experience since the original
document was issued in January 2006. For example, the standard
forms to be used by providers and advisers have been amended to
make them both clearer and compliant with A-Day rules.
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."
