In-Specie Pension Transfers Briefing Paper
In 2012, as part of the RDR (Retail Distribution Review), the FCA mandated that platforms must allow customers to transfer assets in-specie to other providers (commonly referred to by the FCA as re-registration). This resulted in an industry wide initiative to introduce electronic transfers based on the TISA open standards transfer framework. Consequently, the transfer process has become highly efficient and customers enjoy quick and easy transfers between providers. However, the FCA focussed on ISA and GIA (General Investment Account, or unwrapped assets) and, for the most part, ignored pensions.