Industry backs cutting mandatory advice for small pot transfers

clock

Proposals to let defined benefit (DB) members with small pots transfer out without taking advice are supported by the industry, according to research carried out by Professional Adviser sister title, Professional Pensions.

The amendment to planned rules, announced in the Lords in January, will allow members with an equivalent transfer value of £30,000 or less to move to a defined contribution (DC) scheme without consulting a financial adviser. More than half (54%) of some 110 respondents to a poll conducted by Professional Pensions agreed with the government, while just under four in ten (39%) said the policy was wrong.   One pundit said: "It shouldn't even be compulsory for transfer values greater than £30,000. Blocking transfers until someone pays for advice to do something they were going to d...

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

The £22.40 question: Are clients in the dark on the full state pension?

The £22.40 question: Are clients in the dark on the full state pension?

'The political architecture is elegant, from the Treasury's perspective'

James Floyd
clock 01 May 2026 • 3 min read
Alltrust acquires Phoenix Wealth Family Suntrust schemes

Alltrust acquires Phoenix Wealth Family Suntrust schemes

Completion expected later this year

Jenna Brown
clock 29 April 2026 • 1 min read
Government proposes further concession on Pension Schemes Bill mandation

Government proposes further concession on Pension Schemes Bill mandation

Amendment covers pension schemes seeking an exemption

Holly Roach
clock 27 April 2026 • 2 min read