We recognize that advice in this area is an important concern for advisers and their clients with the regulator commenting on the level of transfers and re iterating their requirements. So we think this Guide from Aegon will be a helpful reference point.
The most important to point to remember is that:-
It’s a legislative requirement (under Section 48 of the 2015 Pension Schemes Act) that for cases above £30,000 appropriate independent advice must be taken, and you should start with the assumption that making a transfer from a DB scheme isn’t suitable.
The Guide takes you through :
- The advice process
- What the suitability report will need to cover
- The key differences between a DB scheme and a Personal Pension
Please note the guide is designed for advisers, not for clients and for more information have a look at the Aegon DB Transfer Hub
