Providers confused on pension transfer advice rules

Most of the largest 15 providers say advice must have been received in some transfer circumstances, usually when it involves ‘safeguarded' benefits such as those offered by defined benefit (DB) pensions worth more than £30,000. But when asked why they have advice requirements in place, about half said it was due to legislation while a similar proportion indicated it was down to rules set by the Financial Conduct Authority (FCA). In fact, it is legislation laid out in section 8 of the Pension Scheme Act 2015 that requires the trustees or managers of a scheme to check a member has recei...