Important changes to the Section 14 transfer process
Important changes to the Section 14 transfer process On the 15th December 2011, the FSB issued Directive PF 6 in relation to Section 14 amalgamations and transfers. Directive PF 6 replaced Directive PF 2 with effect from 1 January 2012. The FSB will continue to accept the forms contained in Directive PF 2 for Section 14 applications for all those submissions made before 1 April 2012. Thereafter, the new forms, as specified by Directive PF 6 must be used. changes to the Section 14 process include: Prejudice to members Boards of Trustees (Trustees) must disclose to the Registrar of Pension Funds (the Registrar), the full details of any prejudice to members which arises as a result of a Section 14 transfer . They also need to certify that the prejudice has been disclosed and explicit approval for the transfer has none-the-less been obtained from at least 75% of the affected members.
Important changes to the Section 14 transfer process On the 15th December 2011, the FSB issued Directive PF 6 in relation to Section 14 amalgamations and transfers. Directive PF 6 replaced Directive PF 2 with effect from 1 January 2012.
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