Savers rush to get pension transfer advice ahead of rule change

The Telegraph

Hundreds of thousands have transferred out of defined benefit schemes since 2015

Since the April 2015 freedom reforms, billions of pounds have been transferred out of D B pensions, which pay a guaranteed income in retirement, into more flexible but riskier “defined contribution” funds.

Concerned about the high level of transfers, the Financial Conduct Authority (FCA) is expected to ban “contingent charging”, where advisers only charge a fee if a transfer is completed...

...James Baxter, of adviser Tideway Wealth, a specialist transfer firm, said the number of enquiries had risen compared with last year.

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The Telegraph

2 February 2020

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