Advisers get Protected Rights transfer warning

In October last year, Hornbuckle Mitchell warned pensions savers receiving benefits from their Protected Rights might also be forced to drawdown their SIPP if they made a transfer, and called for clarification. The Department for Work and Pensions (DWP) has confirmed those taking Protected Rights benefits from a SIPP will have to place a proportionate amount of non-Protected Rights cash into the drawdown facility. It hopes to ensure Protected Rights are not eroded disproportionately compared with the rest of the pension fund, and AMPS says IFAs should consider the impact this will have ...