The Guernsey Financial Services Commission has published a thematic review of the pension transfer landscape in the bailiwick.
The review highlights its findings for the local pension sector and for pension members, and illustrates the Commission's expectations in this area, together with examples of good practice and areas for improvement.
If a pension transfer request is not completed within 60 days from the date the provider received all reasonable information and documentation, the scheme member should be provided with an explanation regarding the reasons for the delay.
The Commission expects anyone undertaking this regulated activity to process transfer requests promptly, accurately, without unreasonable delays and without any unreasonable conditions imposed on scheme members who request a transfer.
The review, which included local pension providers that serve 94% of all members invested in bailiwick pension schemes, noted that 95% of the total pension transfer requests were approved and that 77% of approved transfers took place within the 60 days suggested by the pension rules.
• To view a copy of the Commission's review click here