DB-DC transfers: The challenges

According to a written Ministerial Statement issued this morning the Treasury has opted to allow transfers from private sector defined benefit (DB) schemes to defined contribution (DC) schemes. The news was expected but came with two important caveats. First of all transfers will only be allowed if the individual takes regulated financial advice. This advice will need to be independent of the scheme and taken from a body regulated by the Financial Conduct Authority (FCA). The cost of this advice is likely to be met by the individual unless they are looking to transfer from the DB to D...