The FCA’s final rules on pension transfer advice give some very specific guidance on the expectations for firms involved in this area. However, the principles also point towards the general standards for retirement advice. Coupled with the forthcoming ‘Suitability Review 2’, it is clear that whatever the origins of the retirement fund, a robust process needs to be in place. This should include how the benefits foregone should be replaced, including an element of secure income where appropriate. It should also follow a process to deal with changing circumstances and the ‘what if’ scenarios that may come into play. In this session, we’ll consider the key stages in the advice process that should be documented and draw on specific examples where funding has originated from defined benefits.
By attending this session, delegates will be able to:
- Understand the key principles from the latest guidance on DB transfers
- Understand which principles apply to all retirement advice
- Recognise the key steps in the initial and ongoing advice process
- Discuss the role of secure income and how this might be balanced with the potential for ‘pensions freedom’