DB scheme trustees must check adviser transfer permissions

From 9 December

Kim Kaveh
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The incoming SM&CR rules will require scheme trustees to check advisers have the appropriate pension transfer permissions.
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The incoming SM&CR rules will require scheme trustees to check advisers have the appropriate pension transfer permissions.

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...

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