We will assume you are ok with this, but you can opt-out if you wish.
You can protect these aspects of your scheme by outsourcing it to the National Pension Trust:
Pre-A day tax-free cash calculation bases
Death-in-service lump sum benefits from inheritance tax
With-profit investments from the impact of Market Value Adjustments
Guaranteed Annuity Rates
No consent is necessary to transfer members’ DC (Defined Contributions) benefits from a trust-based scheme into the National Pension Trust. This can help you to secure DC benefits because of:
Costs – you don’t want to keep administering your former employees’ benefits
Wind-up – if your scheme is being wound-up
Entry to FAS - (Financial Assistance Scheme)
Entry to PPF - (Pension Protection Fund)
Governance – when trustees recognise they don’t have the time and/or resources to govern the benefits effectively (for example: the DC section of a hybrid scheme)
Members can also choose to transfer their accumulated benefits into the National Pension Trust at any time, free of charge.