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

CRM integration project highlights AI-powered innovation potential

CRM integration project highlights AI-powered innovation potential

Project reflects a broader shift in adviser technology

Joe Power
clock 04 August 2026 • 3 min read
Pensions minister Torsten Bell: 'Together, we are going to finish the job'

Pensions minister Torsten Bell: 'Together, we are going to finish the job'

Bell was reappointed to the pensions minister role in the government reshuffle

Holly Roach
clock 27 July 2026 • 1 min read
Pension adequacy – are we focusing on the wrong measure of success?

Pension adequacy – are we focusing on the wrong measure of success?

'The current system can unintentionally create a false sense of reassurance'

Caitlin Southall
clock 24 July 2026 • 4 min read