Pension Transfers

The Commission, as the regulator of pensions in Guernsey, has determined that it is appropriate to introduce new rules for pension providers to improve the initial pension regulation rules. These rules will come into force on 31 December 2020 and state explicitly:

  •  “Licensees must pay due regard to the interests of Scheme Members and beneficiaries and treat them fairly. (2.1)…
  • Transfer requests and information about transfer values should be processed promptly and accurately and should not be unreasonably delayed.
  • Licensees must not impose unreasonable conditions on Scheme Members who request a transfer (2.12).”

All pensions providers are obliged to abide by these rules once they come into force and the Commission encourages all pension providers to take heed of them during the remainder of 2020.

To view this notification in full, please click here.

For further information & guidance, please contact the Advisory Team at Aspida via info@aspidagroup.com

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