Trustees must not shirk responsibility on DB transfers

From the blog: The Merchant Navy Officers Pension Fund has, in common with many other defined benefit pension schemes, seen a significant increase in transfers out of the fund since the introduction of pensions freedoms introduced three years ago under the then pensions minister, Steve Webb.

In fact, MNOPF saw a 100 per cent increase in transfers out in 2017 compared with 2016.

This trend was brought into sharp focus recently with the revelation that the Pensions Regulator has written to a number of schemes warning about excessive transfer values being paid out in some cases.

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