Pension scheme experts are split as to how much LEBC's withdrawal from the defined benefit (DB) transfer advice market will impact scheme de-risking plans, and whether it will lead to further market dropouts.
It follows news revealed by Professional Adviser on Monday (2 September) that the national IFA firm had voluntarily agreed with the Financial Conduct Authority (FCA) to alter its regulatory permissions, meaning it would stop offering regulated advice on DB transfers. Large numbers of DB pension schemes are currently undergoing de-risking plans. These can involve things like offering members pension transfers or restructuring member benefits, as in the case of pension increase exchanges (PIEs) and are all areas that may require them to provide or offer regulated financial advice to their ...
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