You may have heard in the media concerns around the standard of advice some Defined Benefit pension holders have received. Usually, when they’ve explored the option to transfer out.
To combat this and give those with a Defined Benefit pension, also known as a Final Salary pension, the confidence to seek advice when needed, the Pensions Taskforce launched the brand-new Pension Transfer Gold Standard. It provides those planning their retirement with an easy way to identify where they can find high-quality pension advice they can rely on.
We’re thrilled to reveal that we have adopted the Gold Standard as part of our ongoing commitment to build relationships with clients based on trust. If you have a Defined Benefit pension scheme, we understand there are many reasons why you may be thinking of transferring out. By voluntarily adopting the Pension Transfer Gold Standard, our goal is to give you confidence in our expertise when you approach us for advice.
What is the Pension Transfer Gold Standard?
The new Pension Transfer Gold Standard is a code of good practice that financial advice firms can voluntarily adopt, led by the Personal Finance Society. It aims to safeguard those who want advice on whether transferring out of a Defined Benefit pension is right for them.
The code incorporated nine principles for financial advisers to follow:
- Helping you understand when advice is appropriate
- Ensuring advice given supports your overall wellbeing in the context of your stated objectives
- Ensuring you understand and accept all charges
- Ensuring the most appropriate and updated technical skills are applied
- Transparent management of conflicts of interest
- Helping you understand the cost of transferring benefits
- Avoiding unregulated investments and introducers
- Transparency in advice processes and outcomes
- Promoting the Consumer Guide to the Pension Transfer Gold Standard
What does the code of practice mean for you?
Our main aim of adopting the Gold Standard is to help those seeking advice on their Defined Benefit pension understand the nature of this advice and give assurances that they’re in safe hands. As part of adopting the Pension Transfer Gold Standard, we’ve committed to demonstrating high levels of financial and technical knowledge to deliver high-quality advice to every client.
Transferring out of a Defined Pension can affect your pension income for the rest of your life. It’s important that you fully understand the implications of any decision and have complete confidence in those advising you. The Pension Transfer Gold Standard help to give you certainty that both our firm and the adviser you’re working with have your best interests at heart throughout the process.
If you have a Defined Benefit pension and would like to explore the options you have, please contact us.