Financial regulatory implications of pension transfers

This overview provides signposts to Practice Notes which outlines relevant financial services regulatory implications arising from pension transfers, especially those relating to a transfer from a defined benefit (DB) pension to a defined contribution (DC) pension scheme and transfers involving personal pensions. Among other things, the Practice Notes provide a discussion around the regulated activities under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) relating to the transfer of pensions, as well as the requirements of the Financial Conduct Authority relating to pension transfers.

DC to DB transfers

The government recognised that the pension freedoms introduced on 6 April 2015 for DC members (whereby such members may, if they wish, access their DC benefits through one or more lump sums, among

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