Defined Benefit Pension Transfers - The Facts and the Fiction
For most people, defined benefit pensions are incredibly complex. Rightly so, the Financial Conduct Authority (FCA) therefore insists that professional advice should be taken on any transfers where the Cash Equivalent Transfer Value (CETV) exceeds £30,000.
But, if you have taken advice to transfer your defined benefit pension elsewhere, how do you know if you have paid too much, if the advice was right for you and even if your adviser was properly qualified and regulated?
Unfortunately, many consumers who have diligently sought advice have been led astray by less scrupulous or worse still, unqualified advisers who haven’t always had their client’s best interests at heart and have been more focused on earning lucrative initial or ongoing advice fees.
If you have been given professional advice to move your defined benefit pension somewhere else, here are some Q & As to help you decide if the advice you received was appropriate.