On 19 April 2021, the Working Group on Sterling Risk-Free Reference Rates published a paper that builds on its work to date in areas relating to the bond market and the derivatives market, to support the transition for structured products. It is intended that the paper is used by structured product issuers, manufacturers, distributors and investors in their plans to meet the recommended milestones set out in the Working Group’s roadmap and priorities for transition by end 2021. Section 1 of the paper describes some key considerations for new issuances in structured products referencing compounded in arrears SONIA. Section 2 of the paper provides high-level views to support the transition of legacy GBP LIBOR structured products.