APFA calls for pension transfer value 'abolition or radical overhaul'

The organisation said given the new flexibility offered by pension freedom, basing a decision purely on the value of a pension pre- and post-transfer was the wrong approach for many clients. In many instances such an approach was a potential waste of time while adding unnecessary cost for clients, it said. Pension freedom reforms in April last year gave all defined contribution pot holders over the age of 55 free access to their savings, subject to taxation. Major changes to death benefits were also announced as part of the reforms. Pension assets can now be passed on to beneficiar...