DB transfer 'red- herring' regulation needs updating, industry says

Current regulation mandates the advice process for DB transfers must treat a saver's funds as if they were being used to buy an annuity. This means the lump sum from the transfer would be mapped out as if given as annual income installments to the client.  But the industry said the process was "irrelevant" as more and more clients were using the funds to buy drawdown products instead. Therefore it called for an update to pension transfer regulation.  Transfer values ended 2016 15% higher than in the previous year, following the fall of interest rates and bond yields, data from pension...