Self-invested personal pension (SIPP) providers have warned against accepting insistent client defined benefit (DB) transfers, saying the practice was "indefensible" from the outset.
Dentons Pensions director of technical Martin Tilley said "under no circumstances" would Dentons take an insistent client as the vested interests presented to them as a SIPP provider would make the transaction "questionable". He said: "We have a vested interest, if we took the client on board they would pay us a fee and yet the transfer would be against a regulated transfer specialists' advice who said it's a bad idea. I think that makes any SIPP provider questionable as to the reasons why they're doing it." He added: "[The client] could make a very high risk but acceptable investment...
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