Research finds fall in gilt yields means savers could receive around £34,000 in compensation
Value fell by 7% in May to lowest month-end figure since XPS launched index in 2016
Consultancy says transfer regulations are ‘sticking plasters’ on an ‘ineffective process’
Trustees must not let deluge of other work lesson their focus on transfer-out checks
Graeme Delf says training is vital to ensure schemes understand where advice to members is good quality.
Graeme Delf says educating members is part of a package of members that can help mitigate risk of poor transfer experiences.
The average size of a transfer from a defined benefit (DB) pension scheme in the last quarter reached £556,000, according to research by Lane Clark & Peacock (LCP).
The government’s focus on pensions dashboards and pension transfer times will require the industry to improve its data accuracy and administrative efficiency, says Anthony Rafferty.
Adviser firm Tideway was told to cease all pension transfer advice business from 3 July 2020, after first being visited by the Financial Conduct Authority (FCA) about its defined benefit (DB) transfer operations in 2017.
Pension transfer activity has dropped to the lowest level since the introduction of the pension freedoms, research by Lane Clark & Peacock (LCP) reveals.