Malcolm Small, a Senior Advisor on Financial Services Policy at the IoD, discusses the practicalities of transferring from a Defined Benefit pension scheme to a Defined Contribution scheme. The Pensions Minister has recently commented that pension providers should not block transfers from Defined Benefit (DB) pension schemes, even where an adviser has not recommended such a move. Today, it is extremely hard to find a Defined Contribution (DC) scheme or provider who will accept a transfer from DB which has not been subject to full, independent, financial advice and resulted in a positive recommendation to transfer. This is entirely driven … Read More »
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