Life Cover Only Members – the final instalment
Some topics just seem to run and run – we have already been in contact on the topic of life cover only members. It has been unclear, following the implementation of the European Pensions Directive into UK legislation, whether it is possible for occupatioanl pension schemes to continue to have life cover only members as a separate category of membership. Guidance from the DWP was published back in February on this important topic, but schemes were advised to wait for the Pensions Regulator’s guidance before taking precipitous action. The Regulator’s guidance was finally published on 30 June 2006.