PFS warns of post-lockdown pension transfer request 'spike'

In a communication to members, chief executive Keith Richards said increased demand for advice on potential exits from defined benefit (DB) pension schemes must not result in a repeat of the British Steel scandal - where many workers were wrongly advised to transfer out of the final salary arrangement. The British Steel saga has resulted in increased scrutiny of the transfer market by the regulator, with many firms losing transfer permissions and rising professional indemnity insurance (PII) bills for advisers. Richards said: "I have been contacted by a number of members over the past...