The Pensions Administration Standards Association (PASA) has published Good Practice Guidance on DC Transfers, which aims to improve members’ experience through faster and more secure transfers from trust-based DC pension schemes in light of recent legislative changes to the pensions transfer landscape.

 

The guidance sets out best practice in handling quotation requests and transfer implementation. It includes process flowcharts for dealing with quotation and transfer requests and a non-prescriptive transfer template with a DC focus for advisers and administrators to help standardise transfer requests, reduce repetitive enquiries and improve efficiency. It also recommends that trustees agree upfront with their administrators acceptable service level agreement timescales for achieving transfers. The guidance also includes template communications intended to make the whole process easier by setting out the information that is required for the transfer to take place. The guidance also suggests using efficient and secure methods of electronic communications where appropriate to add value for savers, with reference to PASA's eAdministration guidance.

 

Although the guidance is voluntary, PASA anticipates that the Pensions Ombudsman may refer to the guidance when considering what is good industry practice.