Alliance Trust: DWP Protective Rights announcement

Steve Latto, Pensions Development Manager at Alliance Trust Savings, said: "We welcome the changes announced by the Government that will make it possible to invest Protected Rights in the same way as other pension investments allowing pensions holders to take full advantage of the investment freedom available within SIPPs. Many individuals have a variety of pension arrangements that they have gathered over their working lives and these changes will make it easier for them to consolidate and manage their pension investments within a single pension product.

"It does, however, remain frustrating that pensions administrators will still need to track Protected Rights separately from other rights. We are aware that the Government is looking to simplify the position from 2012 but would encourage simplification as soon as reasonably practicable.

"At Alliance Trust we are working on making the necessary changes to our systems and procedures to allow transfers of Protected Rights into our SIPP products."