Let clients pay for DB transfer advice with pension - Steve Webb

The former pensions minister said potential clients could be put off seeking defined benefit (DB) transfer advice in a non-contingent model by having to find upfront cash to pay an adviser. He argued his solution could solve that problem while removing any conflict of interest issues. As an example, someone with a transfer value of £200,000 who was charged £4,000 for advice would see a 2% reduction in their final pension in retirement. Webb said the reduction was unlikely to have a material impact on the client's standard of living but would enable them to take advice on transferring. ...