§ 26. Sir Brandon Rhys Williams
asked the Secretary of State for Social Services what steps he is taking to encourage trustees and managers of occupational pension schemes to make available for transfer the full amount of the accrued rights of the early leavers.
§ Mr. Whitney
The Social Security Bill now before Parliament will require pensions schemes to provide transfer values which must be at least the cash equivalent of the pension benefits to which the leaving member would otherwise be entitled. The way in which these cash equivalents are to be calculated will be set out in regulations and in guidance for the actuarial profession and will apply to people transferring after these provisions come into force. We propose to issue a consultative document on the content of these regulations shortly.