New non-contingent charging for defined benefit pension transfers – from October 1st, 2020 The FCA have ruled that from the
Defined Benefit Transfer Client Education Guide
Understand the benefits and drawbacks of your pension scheme
Your decision on whether to receive pension transfer advice or not is an important first step
If you are looking to transfer your defined benefit (DB) pension, it is important you have a general understanding of your scheme, including the benefits and drawbacks it may have, before you decide whether you want to take advice or not.
Your decision is a very important first step as, since the change in law around contingent charging for pension transfers, there are now advice fees applicable, regardless of the outcome.
We offer a four page defined benefit client education guide, available on request, and designed to help you better understand the risks involved. This should help you to decide whether you wish to proceed with advice or not. You should read the guide carefully before making a decision.
Transferring out of a defined benefit pension scheme is unlikely to be in the best interests of most people.
The guide is for information only and is not intended to be, and should not be interpreted to be, personalised advice.
- Main differences between a defined benefit and a defined contribution pension
- Comparison table comparing some of the features of a defined benefit pension scheme with a defined contribution pension scheme
- What you should consider before taking advice
- What advice we can offer you
- Difference between ‘abridged’ and ‘full’ advice?
- Pension transfer advice service options
- Next steps
The Financial Conduct Authority has written guidance to help those considering a transfer and this can be found at the link below. This also describes who might typically benefit or not from a transfer:
Get in touch
Call us on 0141 352 7800 or use the contact form to request a copy of our Defined Benefit Transfer Client Education Guide.
Emma Agyemang (Financial Times 29/08/2020) writes about; the upsurge in pension transfer values during Covid, the fall in overall pension