DB scheme trustees must check adviser transfer permissions

From 9 December

Kim Kaveh
clock • 1 min read

Defined benefit (DB) trustees are now required to contact financial advice firms to ensure staff providing advice to members are compliant under new adviser rules before carrying out a transfer exercise.

This was revealed in The Pensions Regulator's (TPR) updated DB to defined contribution (DC) transfers and conversions guidance document, which was amended last week. It also said trustees have the option to check an appropriate third-party directory to obtain the relevant information. Scheme trustees are already required to check if the adviser has the correct permission to carry out regulated activity in the Financial Conduct Authority's (FCA) register, after it gets confirmation that appropriate independent advice has been given. With the introduction of the senior managers and cert...

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 Retirement

Advisers warn market volatility will threaten retirement plans

Advisers warn market volatility will threaten retirement plans

More than half expect clients to postpone or change plans

Isabel Baxter
clock 26 March 2024 • 2 min read
Perfect timing: How to advise clients on the right time to retire

Perfect timing: How to advise clients on the right time to retire

Striking a balance between health, wealth and personality

Richard Hulbert
clock 05 February 2024 • 4 min read
Baillie Gifford: Enjoying later life without an income from work

Baillie Gifford: Enjoying later life without an income from work

The latest from PA’ Digital Working Lunch webinar series

Professional Adviser
clock 12 December 2023 • 2 min read