Industry backs cutting mandatory advice for small pot transfers

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Proposals to let defined benefit (DB) members with small pots transfer out without taking advice are supported by the industry, according to research carried out by Professional Adviser sister title, Professional Pensions.

The amendment to planned rules, announced in the Lords in January, will allow members with an equivalent transfer value of £30,000 or less to move to a defined contribution (DC) scheme without consulting a financial adviser. More than half (54%) of some 110 respondents to a poll conducted by Professional Pensions agreed with the government, while just under four in ten (39%) said the policy was wrong.   One pundit said: "It shouldn't even be compulsory for transfer values greater than £30,000. Blocking transfers until someone pays for advice to do something they were going to d...

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