Blog: Why DB transfers always warrant independent advice

In his response to the consultation on Freedom and Choice in Pensions, George Osborne said that transfers from defined benefit schemes (DB) to defined contribution (DC) schemes would continue to be permitted. However, he said there would be a new requirement for members to take advice. Under present legislation a member requesting a cash equivalent transfer value can expect to see it paid by the trustees within three months. Unless the scheme is significantly underfunded and concerned about going into the Pension Protection Fund there is very little they can do to delay the transfer. ...