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Pensions are constantly evolving and there may be changes that affect your membership, so it’s important to keep up to date with what’s happening.
Financial advice and pension transfers
Mar 21, 2021, 00:00
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Members who are thinking about transferring their pension to another registered pension scheme should be careful about the financial advice they receive.
Members who are thinking about transferring their pension to another registered pension scheme should be careful about the financial advice they receive.
As you may know, members with defined benefit (final salary) pensions must receive financial advice from a firm regulated by the Financial Conduct Authority if their transfer is more than £30,000 and the receiving scheme is to provide benefits on a defined contributions basis.
This article from the BBC highlights the importance of getting quality advice and we urge members to be careful when choosing a financial adviser and visit the following websites, MoneyHelper and Unbiased.co.uk, to help them in their search.
As you may know, members with defined benefit (final salary) pensions must receive financial advice from a firm regulated by the Financial Conduct Authority if their transfer is more than £30,000 and the receiving scheme is to provide benefits on a defined contributions basis.
This article from the BBC highlights the importance of getting quality advice and we urge members to be careful when choosing a financial adviser and visit the following websites, MoneyHelper and Unbiased.co.uk, to help them in their search.
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You can find out more about the latest developments affecting your Scheme pension in your member newsletter.
