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

Guaranteed income integration critical to guided retirement success

Guaranteed income integration critical to guided retirement success

Research finds annuitisation rates of 55% to 60% are possible without compulsion

Jonathan Stapleton
clock 16 September 2026 • 5 min read
DWP seeks small pension pot default consolidator solution

DWP seeks small pension pot default consolidator solution

Government aims to have small pot consolidation operational from 2030

Jonathan Stapleton
clock 15 September 2026 • 2 min read
Adviser chases Hartley Pensions for ten months over clients' SSAS transfer

Adviser chases Hartley Pensions for ten months over clients' SSAS transfer

Takes case to The Pensions Ombudsman

clock 10 September 2026 • 2 min read