PensionsDec 17 2014

Pensions transfer code delayed until January

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A code which will delineate best practice on pension transfer due diligence and aimed at tackling pension liberation has been delayed from December until January because its final elements are still under review.

Speaking to FTAdviser, Margaret Snowdon, The Pensions Liberation Industry Group leader and JLT trustee solutions director, said that the code was still under review and the aim was now to have it published in January.

Ms Snowdon said at an event in late November that the code, which will set standards for dealing with pension transfers, was set to be published in December.

Previously Ms Snowdon said: “It’s in version two at the moment and that’s pretty close to final, so hopefully we will be in a position to publish before Christmas, but if not it would be January. It will be a set of principles supported by some guidance.”

The Pensions Liberation Industry Group leader was set up in February in order to tackle the growing threat posed by liberation fraud, with members including trustees, administrators, legal advisers, insurers, regulators and consumer representatives.

Ms Snowdon has previously stated that the code of practice would set standards for dealing with scheme transfers and act as a barrier to scams by requiring additional safeguards, including more evidence on the validity of a scheme, appropriate documentation, and reporting of suspicious cases.

ruth.gillbe@ft.com