A new knowledge base article has been published on our support portal.
Overview
In this article we’ll show how North52’s business rules engine, a Microsoft Dataverse model driven app and Power Pages can be combined to build an effective solution to manage the rules and regulations regarding pension transfers in the UK. A similar solution could be used for many regulatory processes around the world.
The Pensions Regulator provides detailed guidance on managing transfer requests within pension schemes. Their website offers information on the legal obligations and responsibilities of scheme administrators when processing transfer requests.
The guidance covers various aspects, including the assessment of member requests, transfer processes, and safeguards to protect members’ interests. It emphasizes the importance of conducting due diligence to ensure that transfers are in the best interests of the members and outlines the steps administrators should take to assess the receiving scheme’s suitability, such as checking for appropriate authorization and conducting risk assessments.
The guidance also addresses the potential risks associated with pension scams and the importance of protecting members from fraudulent activities. It highlights the need for robust anti-scam measures and provides resources and tools to help administrators identify and mitigate risks.
Using this information we can design as system to assist scheme administrators in effectively managing transfer requests while adhering to legal requirements and safeguarding the interests of pension scheme members.