A voluntary "Code of Good Practice" on Incentive Exercises (the "Code") has been published by a Working Group drawn from organisations across the pensions industry. While not officially published by the Government, it does explicitly have the approval of Pensions Minister Steve Webb MP. The Code is designed to ensure that incentive exercises such as enhanced transfer value exercises and pension increase exchanges are undertaken in line with good practice principles. The Code is accompanied by a set of Practitioners' Notes.

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