It’s a plan which is designed to allow the trustees of an occupational pension scheme to transfer the members’ benefits into individual plans that the members then have complete control over.
Why should you transfer to a TPS32?
There are a number of duties and various responsibilities outlined in the Pensions Acts that trustees must maintain, even if their pension scheme is paid up. Not only are they costly in terms of time and resources, but failure to fulfil these duties and responsibilities could potentially leave the trustees open to a fine of up to £50,000.
However, after transferring to a TPS32, the trustees will be relieved of all these duties and responsibilities.
How we can help
Winding up an occupational pension scheme can be a time consuming and often complex process. We can offer you the assistance you need at each stage of the process through our excellent supporting literature and our dedicated Group Transfer Team.
Support literature
We have developed a suite of literature that you can either adapt and use, or refer to throughout the different stages of the wind-up process. We have:
- a comprehensive trustee wind-up guide
- sample announcement letters
- information on tracing members
- employee-facing material
Our dedicated Group Transfer Team
The team have extensive experience of helping trustees through scheme wind-up, looking after 4,000 Trustee Transfer Plans.
They have systems and processes in place that deliver the expected levels of accuracy and speed, and they can offer additional value-added services where these have been negotiated.
Next steps
For further information about our TPS32, please contact your financial adviser.
If you don’t currently have a financial adviser, either the IFA Promotion Service or the Society of Financial Advisers can help you find one in your area.
