The Budget 2014 is potentially game changing for member options. Activity has been increasing and the government’s suggestion that they will not provide defined benefit (DB) members with the same flexibility as defined contribution (DC) members could create a further short-term surge.
The June 2012 Industry Code of Practice provides a clear framework for implementing exercises and, mainly, this Code is being followed for all exercises.
The update provides details of more than 15 exercises completed recently, covering more than 100,000 members.
We also provide commentary on market trends for Pension Increase Exchange, Enhanced Transfer Value and Flexible Retirement Option (or Total Pension Increase Exchange) exercises.