DB transfers to continue – but only with specialist advice
This morning, George Osborne published a “Written Ministerial Statement” together with a one page factsheet covering private sector defined benefit transfers. We are delighted to say that the factsheet follows our recommendations almost to the letter and that transfers will now only happen when the member has taken independent specialist advice.
We highlighted problems currently facing trustees, with complaints to the Pensions Ombudsman regarding Pension Liberation. We noted that in some cases trustees are facing complaints that they blocked transfers, but in others the complaint is that they allowed them!
We recommended that all transfers be subject to the member receiving advice from a transfer specialist, and that advice should be paid for by the member, and Mr Osborne has proposed exactly that!
Members need to know that there are many long term considerations and transferring is not just about spurious advantages or questionable investment opportunities promoted by the latest UCIS salesman!
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