The definition of money purchase benefits is changing, and with it the rules on how schemes are required to deal with any benefit which becomes classified as ‘non-money purchase’. More information about these affected benefits can be found on page 3.
In broad terms, past treatment of affected benefits as money purchase will be validated. However, from the date of the definition change (‘d-day’ – due to be before the end of July 2014), scheme practices may need to be updated. This checklist identifies key areas which trustees and administrators should check when dealing with affected benefits from d-day onwards.
Please see full article below for more information.
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