TPR urged to streamline DB transfer process

Risks for consumers and advisers

Hannah Godfrey
clock • 2 min read

Royal London has raised concerns with The Pensions Regulator (TPR) that defined benefit (DB) transfer value quotes are too often becoming invalid before members are ready to transfer.

A newly-generated quote is required when the previous one becomes invalid, often costing several hundred pounds with no guarantee the new quote will be as favourable to the member as the original. Rathmore Financial chartered financial planner Floyd Fombo, whose firm brought the situation to Royal London's attention, said the current three-month validity of cash equivalent transfer values is often too short a period to allow all necessary information to be collected from the pension scheme and the full advice process to be completed. He highlighted a number of potentially complicating...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

'Understandable' people are pensions dashboard 'sceptics'

'Understandable' people are pensions dashboard 'sceptics'

Industry experts say there will always be a role for dashboards

Holly Roach
clock 03 May 2024 • 1 min read
Big difference: Ways to tackle the growing pensions gender gap

Big difference: Ways to tackle the growing pensions gender gap

'Of course, for single women, the pension gender gap absolutely matters'

Lisa Webster
clock 03 May 2024 • 3 min read
Boring Money and Wealth Wizards link to plug advice gap

Boring Money and Wealth Wizards link to plug advice gap

Strategic partnership to improve access to financial advice

Jenna Brown
clock 01 May 2024 • 2 min read