The Pensions Administration Standards Association, the Pensions and Lifetime Savings Association and the Society of Pension Professionals have joined the cross-industry group on improving transfers and re-registration.

Following a stakeholder session in December looking at the challenges facing occupation occupational schemes in relation to transfers, these trade bodies were invited to become involved in the cross-industry group.

The group published a consultation paper in December outlining its proposed amendments for the transferring of pension and investment assets. Forty four responses were received from stakeholders across the pensions and retail investment industry.

PASA, PLSA and SPP will join industry associations including: : The Association of British Insurers (ABI), The Association of Member Directed Pension Schemes (AMPS), The British Bankers’ Association (BBA), The Investment Association (IA), Personal Investment Management and Financial Advice Association (PIMFA), The Tax Incentivised Savings Association (TISA) and The UK Platform Group (UKPG).

Joining the group, they will assist with the analysis of the submissions, and are in ongoing discussions with the government and regulatory stakeholders regarding the next steps, including developing a governance framework for the introduction of standard transfer times across a range of financial transfers.

Hargreaves Lansdown head of policy and chair of the group, Tom McPhail said: “It is essential this important industry initiative includes occupational pensions, whilst recognising the different concerns and legal requirements facing trustees and administrators. The participation of this broad coalition of industry trade bodies and groups is a reflection of the importance and value of this work.”

PLSA defined contribution policy lead Tim Gosling commented: “We are delighted to join this important cross-industry Group which is focused on improving transfers and re-registration. This Group puts good consumer outcomes at the heart of its discussions as it focuses on ensuring that people can safely access the assets they have worked a lifetime to build.”

ABI director of policy, long term savings and protection Yvonne Braun, added: “This initiative is a positive example of the wider industry collaborating to make things better for consumers. The involvement of PASA, PLSA and SPP is crucial to ensuring the proposed next steps are practical and deliverable for the whole sector.”

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