Adviser to pay compensation after unsuitable DB transfer to QROPS

From DB scheme

Sophie King
clock • 2 min read

Advice firm Gerard Associates has been told to pay compensation following what the ombudsman called unsuitable advice given to a client regarding a defined benefit occupational pension scheme.

In 2015, Mrs G - as referred to by the Financial Ombudsman Service (FOS) - was advised to transfer her defined benefit pension occupational scheme to a qualified recognised overseas pension scheme (QROPS) by the advice firm. At the time, Mrs G was in her mid-50s with a pension transfer value of just under £60,000, had no dependents and there was no indication she had poor health. Mrs G complained about advice she received from Gerard Associates to transfer the deferred benefits she held in her defined benefit occupational pension scheme. Gerard, however, argued Mrs G was likely to "ex...

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

DWP publishes updated roadmap for workplace pensions

DWP publishes updated roadmap for workplace pensions

Government sets out an updated plan to implement workplace pension reform

Jonathan Stapleton
clock 13 July 2026 • 2 min read
'Significant gap' found in HMRC's SIPP data

'Significant gap' found in HMRC's SIPP data

No data identifying SIPPs or junior SIPPs as distinct categories, Aberdeen Adviser FOI finds

Isabel Baxter
clock 01 July 2026 • 2 min read
Strong chance 'nightmare' IHT pension reforms will 'simply not work'

Strong chance 'nightmare' IHT pension reforms will 'simply not work'

Baroness Ros Altmann says the policy is ‘fraught with dangers’

Holly Roach
clock 30 June 2026 • 1 min read