The Pensions and Lifetime Savings Association (PLSA) has today (Friday) commented on the release of the Transfers and Re-registration Industry Group industry Framework for firms to work on delivering fast, efficient transfers for the benefit of consumers.
Commenting on the new framework, Tim Gosling, Policy Lead: DC, PLSA, said:
“The work of the Transfers and Re-registration Industry Group (TRIG) is a step forward in improving transfer times in the pensions sector. The median transfer time for a defined contribution member is 11 days, however there are wide variations within the industry, with master trusts and larger schemes often able to process transfers faster than smaller schemes. The difference in times is partly due to differing administration standards but it is also down to the challenge of carrying out due diligence to avoid savers falling victim to scams.
“While some of these issues, particularly around fraud prevention, will require tougher action from the Government, TRIG’s framework will help address a large proportion of the challenges faced by the occupational pensions sector. We believe schemes would benefit from engaging with the framework and would encourage them to consider participating."
NOTES TO EDITORS
ABOUT THE PENSIONS AND LIFETIME SAVINGS ASSOCIATION
We’re the Pensions and Lifetime Savings Association; the national association with a ninety year history of helping pension professionals run better pension schemes. Our members include over 1,300 pension schemes with 20 million members and £1 trillion in assets, and over 400 businesses. They make us the voice for pensions and lifetime savings in Westminster, Whitehall and Brussels.
Our purpose is simple: to help everyone to achieve a better income in retirement. We work to get more money into retirement savings, to get more value out of those savings and to build the confidence and understanding of savers.
Robyn Margetts, Head of Media and PR, Pensions and Lifetime Savings Association
T: 020 7601 1726, M: 07713 073023, E: [email protected]
Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007 713, E: [email protected]