Almost half (44%) of advisers have seen an increase in insistent clients wanting to push ahead with defined benefit (DB) pension transfers despite their initial recommendation to keep their safeguarded benefits, according to research by Prudential.
Although initially against the idea of transferring, around half (51%) of those with insistent clients said they had still helped with the transfer after the client disagreed with their recommendation. Advisers' biggest concern for clients (at 61%) was the risk they took by giving up a guaranteed income for life, while a slightly lower proportion (56%) feared clients would face unnecessary tax bills as a result. Earlier this week the Financial Conduct Authority's (FCA) recent retirement review found more than half of withdrawn defined contribution pots were moved to other savings or i...
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