Jun 16 2006
New industry guidance should help improve the process of moving funds between different pension accounts for consumers and advisers.
The Association of British Insurers (ABI) has issued an updated Statement of Good Practice on Pension Transfers to help customers, financial advisers and pension companies enjoy and provide a better service.
The new version takes into account changes to the pensions tax regime which were implemented earlier this year on A-Day, and includes improvements learnt by experience from the first release of the guidelines in January 2006.
One improvement is that standard forms to be used by providers and advisers have been amended to make them clearer and to include new A-Day rules.
"It will make it easier for people to move pension pots between providers, and improve the service that they receive when they do," said Helen McCarthy, the ABI's head of pensions and savings development.
"Over time, we anticipate that there will be fewer pension pots, but with more money in them. This will help savers keep track of their pension funds more easily and improve investment returns."
TD Waterhouse is one provider offering investors a flexible self invested pension plan (Sipp), for more information click on our free brochures page.
