Transfer of member benefits

Has the scheme completed any transfers out or conversions in respect of a member's benefits? *

In this question we are primarily interested in the transfers out or conversions of safeguarded benefits. Safeguarded benefits are defined as per section 48 of the Pension Schemes Act 2015. Information may be provided pragmatically in the form adopted by the scheme to meet its record-keeping requirements. For example, if safeguarded benefits cannot readily be identified separately, you may determine your answer by:

basing it on all benefits in the scheme; or
basing it on most benefits in the scheme but excluding certain readily identifiable non-safeguarded benefits (e.g. DC AVCs or other DC benefits).

Transfers out’ refers to cases where the member’s benefits move to another pension scheme. ‘Conversions’ refer to cases where the member’s benefits are converted to another type of benefit in the same scheme.

Transfers out and conversions for the purpose of this question, include:

those initiated by a member, the employer or the trustees;
full or partial transfers out or conversions;
transfers out to a qualifying recognised overseas pension scheme (QROPS).

Transfers out for divorce purposes are not required to be included, but do not have to be specifically excluded for the purpose of this question under a pragmatic approach.

“Completed” means:

for a transfer out the assets representing the member’s entitlement have been transferred out of the scheme during the period (as opposed to a transfer being requested but not yet completed). It also includes transfers out where the request was made prior to the period but which were completed and the assets actually transferred out within the period.
For a conversion this means the conversion has become effective during the period and the member ceased to be entitled to the safeguarded benefits that have been converted, whether or not they commenced drawing these benefits.

In this context, we define the “period” as the 12 months up to the effective date of the most recent scheme report and accounts.

What is the total number of transfers out and conversions that the scheme has completed?*

basing it on all benefits in the scheme; or
basing it on most benefits in the scheme but excluding certain readily identifiable non-safeguarded benefits (e.g. DC AVCs or other DC benefits).

‘Transfers out’ refers to cases where the member’s benefits move to another pension scheme. ‘Conversions’ refer to cases where the member’s benefits are converted to another type of benefit in the same scheme.

Transfers out and conversions for the purpose of this question, include:

those initiated by a member, the employer or the trustees;
full or partial transfers out or conversions;
transfers out to a qualifying recognised overseas pension scheme (QROPS).

Transfers out for divorce purposes are not required to be included, but do not have to be specifically excluded for the purpose of this question under a pragmatic approach.

“Completed” means:

for a transfer out the assets representing the member’s entitlement have been transferred out of the scheme during the period (as opposed to a transfer being requested but not yet completed). It also includes transfers out where the request was made prior to the period but which were completed and the assets actually transferred out within the period.
For a conversion this means the conversion has become effective during the period and the member ceased to be entitled to the safeguarded benefits that have been converted, whether or not they commenced drawing these benefits.

In this context, we define the “period” as the 12 months up to the effective date of the most recent scheme report and accounts.

What is the total value of transfers out and conversions that the scheme has completed? *

In this question we are primarily interested in the transfers out or conversions of safeguarded benefits. Safeguarded benefits are defined as per section 48 of the Pension Schemes Act 2015. Information may be provided pragmatically in the form adopted by the scheme to meet its record-keeping requirements.For example, if safeguarded benefits cannot readily be identified separately, you may determine your answer by:

basing it on all benefits in the scheme; or
basing it on most benefits in the scheme but excluding certain readily identifiable non-safeguarded benefits (e.g. DC AVCs or other DC benefits).

Transfers out and conversions for the purpose of this question, include:

those initiated by a member, the employer or the trustees;
full or partial transfers out or conversions;
transfers out to a qualifying recognised overseas pension scheme (QROPS).

Transfers out for divorce purposes are not required to be included, but do not have to be specifically excluded for the purpose of this question under a pragmatic approach.

“Completed” means:

for a transfer out the assets representing the member’s entitlement have been transferred out of the scheme during the period (as opposed to a transfer being requested but not yet completed). It also includes transfers out where the request was made prior to the period but which were completed and the assets actually transferred out within the period.
For a conversion this means the conversion has become effective during the period and the member ceased to be entitled to the safeguarded benefits that have been converted, whether or not they commenced drawing these benefits.

In this context, we define the “period” as the 12 months up to the effective date of the most recent scheme report and accounts.

Of the transfers and conversions set out above, how many of these were cases where appropriate independent advice was determined to be required? *

In this question we are primarily interested in the transfers out or conversions of safeguarded benefits to flexible benefits. Flexible benefits are defined as per section 74 of the Pension Schemes Act 2015.

You should include all cases where you determined independent advice was required in line with regulation 9 of the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations 2015. Information may be provided pragmatically in the form adopted by the scheme to meet its record-keeping requirements.

What is the total value of the transfers and conversions where appropriate independent advice was determined to be required? *

Did the scheme pay transfer values out on a reduced basis in respect of any member's DB benefits? *

This question seeks confirmation on whether the scheme has applied a reductions policy to reflect scheme under-funding in line with the regulation 7D of the Occupational Pension Schemes (Transfer Values) Regulations 1996.You should answer ‘yes’ to this question if a reductions policy is in place for all / any part of the period concerned regardless of whether members benefits were actually reduced as a result.

Effective date of most recent Scheme Report and Accounts consistent with the period relating to the information provided above. *

The questions in these section seek information for the 12 month period up to the most effective date of the most recent Scheme report and accounts. Some of the information we ar