§ Mr. FlightTo ask the Secretary of State for Work and Pensions what discussions officials from his Department have had with(a) the Occupational Pensions Regulatory Authority and (b) representatives of the Pensions industry concerning revisions of rules regarding members leaving occupational pension schemes. [102586]
§ Mr. McCartneyWe were aware of the temporary measure outlined by the Occupational Pensions Regulatory Authority in update 1 pending changes to the regulations relating to the calculation of transfer values. The proposed amendments to those regulations were prompted by representations from the pensions industry, Faculty and Institute of Actuaries and the Occupational Pensions Regulatory Authority.
§ Mr. FlightTo ask the Secretary of State for Work and Pensions when revised rules introduced by the Occupational Pensions Regulatory Authority, regarding members leaving occupational pension schemes, will come into force; and how long they will remain in force. [102587]
§ Mr. McCartneyThe Occupational Pensions Regulatory Authority (Opra) are not introducing any changes to the rules regarding members leaving pension schemes. However, they have indicated that they do not intend to sanction trustees who, acting on the advice of scheme actuary, delay quoting transfer value to protect the interests of remaining members. Opra have stressed that this is a temporary measure until amendments to the Transfer Value regulations come into force. Views are currently being sought on the amendments. The consultation period ends on 28 March and we will seek to bring these changes into force as soon as possible once responses have been considered and any necessary redrafting in the light of them completed.