Phil Smith: What's so wrong about promoting pension transfer advice?

There has been extensive media coverage of the British Steel pension situation over recent months, with financial advisers portrayed as vultures and sharks - and worse - for offering to consider the transfer option with British Steel pension scheme members. So-called ‘travelling' advisers, the marketing of pension transfer review services and the provision of complementary food at seminars have come in for particular criticism. Before addressing the marketing issue, let's take a step back here. Defined benefit (DB) pension transfers are not any kind of scam - they are a regulated activit...