Pension transfer specialist Tideway has claimed that UK workers could collectively be up to £25bn out of pocket if they are persuaded not to take advantage of final salary transfer offers by negative publicity on DB transfers.
According to adviser research from Aegon the demand for DB advice remains strong with nine out of 10 advisers, who are or have been active in advising on defined benefits, saying there are still many individuals who would benefit from taking advice.
Pension experts, including the former Pensions Minister have backed the scrapping of ‘outdated’ guidance on DB transfers, saying that change was “long overdue” and the regulatory framework was “past its sell-by date”.
A proposed shakeup of FCA guidance on DB pensions advice will make transfers ‘harder to justify’ and ‘more demanding’, an adviser firm claims.
A pensions business is immediately halting advice on DB pensions transfers, following discussions with the regulator.
Around 80,000 transfers out of defined benefit pension schemes were made in the last year, a regulator has estimated.
The Department for Work and Pensions has launched a Green Paper to consult on significant proposed changes to workplace Defined Benefit pensions which cover 11m people.
The number of pension transfers out of DB scheme cases that were analysed by advisers and Paraplanners in 2016 rose significantly, research suggests.
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