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We are consulting on how advice should be provided to consumers on pension transfers where consumers have safeguarded benefits, primarily for transfers from defined benefit to defined contribution pension schemes.
CP17/16** - Advising on Pension Transfers
Defined benefit pensions and other safeguarded pensions provide valuable benefits so most consumers will be best advised to keep them. However, we recognise that the economic and legislative environment has changed significantly, so we want to ensure that financial advice considers the customer’s circumstances in full and properly considers the various options now available to them.
We want to provide advisers with a framework which better enables them to give the right advice so that consumers make better informed decisions. The FCA has rules which govern advice given to consumers wishing to transfer safeguarded benefits. Transferring from such a pension, to one without any safeguards, is
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