DB transfer values have fallen by a third since June 2018, according to the latest data from XPS’s Transfer Value Index.
The FCA has warned of increased risk to consumers when overseas firms refer defined benefit (DB) scheme members to UK firms - including SIPP firms - for pension transfer advice.
Defined Benefit pension schemes enjoyed an “unprecedented” £400bn fund improvement in 2022, according to pension consulting and admin firm XPS Pensions Group.
As the end of the tax year approaches Hargreaves Lansdown has predicted a surge in drawdown cash withdrawals.
A new survey has revealed 85% of respondents believed all DB schemes should allow partial transfers.
MPs on the Works and Pensions Committee have voted to investigate contingent charging on pension transfers but some in the industry are sceptical about the benefits of such a move.
XPS Pensions Group has welcomed a proposed consultation from the Department for Work and Pensions (DWP) on DB pension scheme consolidation.
The Financial Conduct Authority has today published final rules and guidance from its consultation on improving the quality of pension transfer advice.
The FCA’s Chris Hewitt went into detail about new rules governing DB transfers at yesterday’s Paraplanners Powwow.
A survey of around 400 financial advisers has found “huge variations” in the way firms carry out an initial ‘triage’ process when clients ask about pension transfers.
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