The Financial Conduct Authority (FCA) has "hammered home" the default option when considering transferring a client out of a defined benefit (DB) pension should be to stay with the guaranteed income, Rory Percival has said.
Speaking at The Great Pensions Debate in Peterborough, the former FCA technical specialist-turned consultant said this "default" position of the regulator was likely to continue. However, despite recognising the regulator's position, he argued transfers were a financial planning issue, not a regulatory one. The FCA had its default position, which was to remain in the DB scheme, but this was always subject to an individual's circumstances, he said. "The regulator will look at each individual case on its own merits and judge whether, from a financial planning perspective, that was ...
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