Pension transfers decline after advice rule changes

Partner Keith Webster said the ban on cash incentives in the code, published earlier this year, would reduce take-up from pension scheme members, making the exercises less attractive to employers. "ETVs are going to be much rarer than they were in the past," he said. "Figures suggest you might get a 30% to 40% take-up for these exercises if you offered cash and 10% lower if you didn't." But he said changes made by the Financial Services Authority (FSA) to assumptions independent financial advisers have to use when advising members whether to transfer would have a more significant i...