Money purchase deconstructed: working with the new definition — a checklist for trustees and administrators
The definition of money purchase benefits is changing, and with it the rules on how schemes are required to deal with any benefit that becomes classified as a ‘non-money purchase’. More information about these affected benefits can be found on page three of the briefing.
In broad terms, past treatment of affected benefits as money purchase will be validated. However, from the date of the definition change (‘d-day’ — due to be before the end of July 2014), scheme practices may need to be updated. This checklist identifies key areas that trustees and administrators should check when dealing with affected benefits from d-day onwards.
Check whether your scheme offers any affected benefits (see page three), which have to date been treated as money purchase benefits. Many schemes have already carried out this exercise…
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