Trustees Told To Prioritize Defined Contribution Transfers
Law360, London (May 13, 2020, 5:00 PM BST) -- The Pensions Regulator warned pension trustees Wednesday to prioritize transfers between defined contribution schemes during the COVID-19 pandemic to prevent savers from losing money due to market volatility.
If a transfer is delayed, and investments fall in value in the meantime, the amount a saver has available to move to an alternative plan will be reduced, the regulator said.
"The COVID 19 pandemic has created unprecedented challenges for pension schemes and their members," said David Fairs, executive director of policy at The Pensions Regulator.
"Our latest guidance should help trustees of DC schemes prioritize what's most important — such as ensuring...
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