Transfers Working Group (TVWG) – The Pensions Administration Standards Association

About

PASA transfers guidance reflects our understanding of regulations, it isn’t a statutory document and therefore shouldn’t be relied upon as such.

Transfers are an important option for pension savers, yet fraught with challenges caused by the desire for swift processing by members and advisers as well as receiving providers and the need for transfers to be safe and legal. The tensions are difficult to resolve and clear standards are becoming essential to ensure clear understanding at all stages of the process. As well as the aim of ceding schemes to process transfers smoothly and quickly without causing consumer harm.

The TVWG will seek to improve standards through the transfer market, to help restore trust and understanding between the different stakeholders.

Purpose

The purpose of the TVWG is to develop and advance PASA’s position on transfers as follows:

Identifying specific legislative, regulatory or process changes required to support the delivery of both DB and DC transfers
Creating relevant guidance for trustees, providers, administrators and sponsors
Responding to relevant consultations
Exploring the regulations, identifying what these responsibilities mean for trustees, providers, administrators and sponsors and understanding the outcomes we should be encouraging
Further the aim for faster, safer and efficient transfer processing to help meet the needs of stakeholders