The topic of defined benefit (DB) pension transfers is without a doubt the most important issue for the financial advice sector - and the profession is heading towards a fork in the road.
Since the former Chancellor of the Exchequer George Osborne shocked financial services - and indeed the rest of the country - by saying nobody would ever have to buy an annuity again, the retirement savings landscape has been turned on its head. While at first it appeared a fantastic opportunity after the retail distribution review overhauled the profession, the pressure on advisers has mounted to levels few expected. Speaking to Professional Adviser in 2016, Personal Finance Society (PFS) chief executive Keith Richards said pension freedoms had so far been good for the advice sector ...
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