Time to put the DC house in order
Transfer service will capitalise on increase in demand
Solving the UK pensions crisis one step at a time
DB schemes take 'up to three months' to respond
Some providers that insist regulated advice be taken by customers seeking to transfer out of their pensions are unsure why they require it, research suggests.
Pension transfer requests out of defined benefit (DB) schemes doubled post pension freedoms, according to research from one provider.
The government has introduced an income tax exemption for regulated financial advice provided as part of employer-led transfer exercises from defined benefit (DB) to defined contribution (DC) pension schemes.
Pension transfers over £30,000 must be carried out or checked by a pension transfer specialist, the Financial Conduct Authority (FCA) has said in rules out today.