Principle 9 Consumer Guide to Pension Transfer Gold Standard

Published / Last Updated on 07/06/2019

We recommend you:

Download the Consumer Guide to the Pension Transfer Gold Standard (published by the Personal Finance Society)
Read and watch all the consumer content in the Personal Finance Society's website on the Pension Transfer Gold Standard
Continue to watch all our educational videos in this Pension Transfer video channel.

THEY WILL IMPROVE YOUR KNOWLEDGE OF THE PROs, CONS, Risks and Benefits to remaining in your defined benefit or safeguarded rights pension scheme or transferring out to flexible pension schemes

Related Videos

History of Poor Laws, State Pensions, Contracting Out and GMPs

History of Poor Laws, State Pensions, Contracting Out and GMPs

Looking back in history, the first ‘Poor Laws’ originated in the 14th century from the Black Plague and a lack of workers as nearly 40% of the population perished. 1349-50 ...

6m12d

Pension Transfers

What is a Section 32 Buy Out Plan Pension?

What is a Section 32 Buy Out Plan Pension?

To understand what a Section 32 Buy Out Plan is, we must look back to state pensions history from the 1970s and company pension scheme rules. SERPS In 1975, Barbara Castle ...

7m25d

Pension Transfers

Huge Falls in Cash Equivalent Pension Transfer Values 2023

Huge Falls in Cash Equivalent Pension Transfer Values 2023

We suggest that cash equivalent transfer values (CETV) of defined benefit pension schemes such as Final Salary or Career Average Salary schemes and other guaranteed/deferred annuity pension schemes may ...

> 1y8m

Pension Transfers

Why Have Cash Equivalent Transfer Values Fallen?

Why Have Cash Equivalent Transfer Values Fallen?

The video was prompted by news articles today suggesting that cash equivalent transfer values (CETV) of defined benefit pension schemes such as Final Salary or Career Average Salary schemes ...

> 2y4m

Pension Transfers

Anti-Scam Pension Transfer Interview

Anti-Scam Pension Transfer Interview

Pension Safeguarding Guidance was issued by the Department for Work and Pensions (DWP) at the end of November 2021 to the pensions industry and to trustees of ‘ceding’ pension ...

> 2y7m

Pension Transfers

Stopping Defined Benefit Transfer Advice

Stopping Defined Benefit Transfer Advice

We have stopped accepting all client enquiries for defined benefit transfer advice. This is because our insurance premiums are simply too high now in connection with this area, some 5 ...

> 4y2m

Pension Transfers

Temporary Suspension Defined Benefit Transfer Advice

Temporary Suspension Defined Benefit Transfer Advice

July 2020 - We have temporarily suspended accepting defined benefit transfer advice. This is not because we have lost FCA permissions to offer this advice or because we do ...

> 4y3m

Pension Transfers

Defined Benefit Transfer Fee Charging Rules 2020

Defined Benefit Transfer Fee Charging Rules 2020

The FCA has published its Policy Statement on final rules and guidance for Pension Transfer Advice (PS20/6). This comes into effect from 1st October 2020. In its simplest form it ...

> 4y4m

Pension Transfers

Abridged Defined Benefit Pension Transfer Advice

Abridged Defined Benefit Pension Transfer Advice

From October 2020, contingent charging for defined benefit pension transfers is banned. This means from that a financial adviser can no longer offer you defined benefit transfer advice without ...

> 4y2m

Pension Transfers

Carve Out Contingent Charging Pension Transfer Advice If You Cannot Afford Fees

Carve Out Contingent Charging Pension Transfer Advice If You Cannot Afford Fees

With effect from October 2020, contingent charging on defined benefit pension transfers is banned. What is contingent charging? This is when a financial adviser will offer a review of your pension ...

> 4y2m

Pension Transfers

Not In Most Peoples Best Interest To Transfer

Not In Most Peoples Best Interest To Transfer

It is usually not in most people's best interests to give up or transfer guaranteed, defined benefit or safeguarded rights pensions. For defined benefit schemes you carry no investment market ...

> 4y9m

Pension Transfers

Why is a Pension Transfer Gold Standard Needed

Why is a Pension Transfer Gold Standard Needed

Huge pension transfer mis-selling advice scandals in the past mean't that the financial regulator set up new rules for financial advisers: Transfer Value Analysis Specialist Pension Qualifications Special Permission from the FCA ...

> 5y5m

Pension Transfers

9 Principles of the Pension Transfer Gold Standard

9 Principles of the Pension Transfer Gold Standard

The 9 principles of the Pension Transfer Gold Standard that Pension Transfer Specialist Advisers must comply with: Helping clients understand when advice is appropriate Ensuring advice given supports the clients overall ...

> 5y5m

Pension Transfers

Principle 1 When is Advice Appropriate for Me on Pension Transfers

Principle 1 When is Advice Appropriate for Me on Pension Transfers

We have established and defined an education process for you that we would like you to follow before entering into regulated advice on Defined Benefit and Safeguarded Rights Pension ...

> 5y5m

Pension Transfers

Principle 2 Pension Transfer Advice Based Upon Wellbeing and Objectives

Principle 2 Pension Transfer Advice Based Upon Wellbeing and Objectives

Written records of all calls, meetings and details: Factfind, health, wealth, money, life expectancy, blood line, hereditary illnesses, future income, expenses, likely changes, other guaranteed pensions or income, risk, ...

> 5y5m

Pension Transfers

Principle 3 Understand Our Fees Charges for Pension Transfers

Principle 3 Understand Our Fees Charges for Pension Transfers

We quote fees for Defined Benefit/Safeguarded Rights Advice in two stages: Stage 1 is the analysis as to whether it is in your best interests and wellbeing as well as ...

> 5y

Pension Transfers

Principle 4 Pension Transfer Advice Specialist Qualified

Principle 4 Pension Transfer Advice Specialist Qualified

We are required, as Pension Transfer Specialists, to ensure the most appropriate and updated technical skills are applied. The minimum level of qualification is level 4 (equivalent 1st year degree) Our ...

> 5y5m

Pension Transfers

Principle 5 Managing Conflict of Interest

Principle 5 Managing Conflict of Interest

Any person that desperately needs money - whether that is you, the person in a difficult financial position or a financial business in need of revenue MAY CREATE CONFLICTS OF ...

> 5y5m

Pension Transfers

Principle 6 Understand the Costs of Pension Transfer

Principle 6 Understand the Costs of Pension Transfer

We will give you a written document (single sheet) as a Transfer Value Comparator (TVC) Which gives you explicitly: The Pension Fund Transfer Value compared to The Cost To Buy An Annuity On ...

> 5y5m

Pension Transfers

Principle 7 No Unregulated Investment Funds Allowed

Principle 7 No Unregulated Investment Funds Allowed

We never, under any circumstances, recommend unregulated investment funds in your pension to ensure that you have full investor protection. Regulated company pensions are protected by the Pension Protection Fund Regulated ...

> 5y5m

Pension Transfers

Principle 8 Record Keeping and Monitoring Ensures No Bias

Principle 8 Record Keeping and Monitoring Ensures No Bias

Record Keeping and Monitoring to Ensure No Bias using Key Performance Indicators Number of people enquiring about pension transfers Numbers that complete our education process Numbers choosing not to take regulated advice Numbers ...

> 5y5m

Pension Transfers

Defined Benefit GMP Increase Rates When Deferred

Defined Benefit GMP Increase Rates When Deferred

GMP is the Contracted Out of SERPS (State Earnings Related Pension Scheme – a ‘top up’ 2nd tier to your state pension) part of your defined benefit/safeguarded rights pension. Revaluation ...

> 4y5m

Pension Transfers

Defined Benefit Normal Pension Increase Rates When Deferred

Defined Benefit Normal Pension Increase Rates When Deferred

Revaluation of ‘NORMAL’ pension rights for a defined benefit pension scheme (not the ‘Contracted Out’ of SERPS, GMP element) are known as ‘Excess over GMP’ revaluation. NOTE: Your pension scheme ...

> 4y5m

Pension Transfers

Defined Benefit GMP Increase Rates In Payment

Defined Benefit GMP Increase Rates In Payment

Safeguarded Rights ‘Guaranteed Minimum Pension’ GMP (Contracted Out of SERPS) part of your pension and the legal 'in payment' increase rates when retired i.e. when being paid out to ...

> 4y5m

Pension Transfers

Defined Contribution Increases Compared

Defined Contribution Increases Compared

Defined Contribution ‘money purchase' invested linked pension schemes are either: Private: personal pensions, grouped personal pensions, stakeholder pensions, workplace pensions, self invested personal pensions (SIPP) and flexible drawdown schemes or Company ...

> 4y5m

Pension Transfers

Defined Benefit Normal Pension Increase Rates In Payment

Defined Benefit Normal Pension Increase Rates In Payment

Normal Pensions In Payment Increases: Excess over GMP - Your pension increase rates when retired i.e. when being paid out to you as a pension for your ‘normal’ pension benefits ...

> 4y5m

Pension Transfers

Reasons to Keep My Pension and Not Transfer

Reasons to Keep My Pension and Not Transfer

Reasons to keep my pension and not transfer: Pension is main source of income in retirement and inflation protection gives me security. My health, family health is good so I expect ...

> 5y5m

Pension Transfers

Reasons to Proceed with Pension Transfer Advice

Reasons to Proceed with Pension Transfer Advice

Reasons to proceed with pension transfer advice: I am likely to phase in my retirement gradually e.g. move to part-time and flexible pensions will help me do this. I am likely ...

> 5y5m

Pension Transfers

Why is Pension Transfer Advice So Expensive

Why is Pension Transfer Advice So Expensive

Most people should not give up their guaranteed, ‘gold plated’, defined benefit or safeguarded rights pension schemes unless they have real, overriding reasons to do so such as having ...

> 4y4m

Pension Transfers

Why We Offer Defined Benefit Pension Advice Despite Big Costs

Why We Offer Defined Benefit Pension Advice Despite Big Costs

Why are we still doing DB despite the risks? Why do we bother to continue to offer defined benefits and safeguarded rights when the risks to us are high ...

> 5y1m

Pension Transfers

Insistent Investor Pension Transfer

Insistent Investor Pension Transfer

The reality is that most IFAs will not have insurance protection for Defined Benefit and Safeguarded Rights Pension Transfers where a client is an insistent investor and wants to ...

> 5y1m

Pension Transfers

How to Calculate a Defined Benefit Cash Equivalent Transfer Value

How to Calculate a Defined Benefit Cash Equivalent Transfer Value

We explain how to calculate a defined benefit cash equivalent transfer value (CETV) using pension income, revaluation of pension income, annuity rates and discounting for future assumed investment growth. Example ...

> 4y6m

Pension Transfers

TVC Transfer Value Comparator

TVC Transfer Value Comparator

Transfer Value Comparator (TVC) when transferring or considering transferring a defined benefit pension scheme to a money purchase defined contribution pension scheme or personal pension must have a TVC ...

> 5y10m

Pension Transfers

APTA Appropriate Pension Transfer Analysis

APTA Appropriate Pension Transfer Analysis

APTA Appropriate Pension Transfer Analysis is a full assessment when transferring or considering transferring a defined benefit pension scheme to a money purchase defined contribution pension scheme or personal ...

> 5y10m

Pension Transfers

Other Soft Facts to Consider for Defined Benefit Transfer

Other Soft Facts to Consider for Defined Benefit Transfer

What are the additional 'soft facts' to consider when thinking about final salary, safeguarded rights and defined benefit pension transfers?...

> 6y3m

Pension Transfers

GMP Equalisation Past Transfer Value Increases

GMP Equalisation Past Transfer Value Increases

On Friday 20th November 2020, the High Court ruled that defined benefit company pension schemes must revisit all pension transfers out to other pension schemes to work out whether ...

> 3y11m

Pension Transfers

Pension Transfer Advice 30000 Limit Explained

Pension Transfer Advice 30000 Limit Explained

Video explains why you are forced to seek financial advice for a defined benefit transfer over £30,000 under S48 of the Pensions Schemes Act 2015 and why others are ...

> 7y5m

Pension Transfers

Inheritance Tax on Transfer to Flexible Drawdown HMRC 2 Year Rule

Inheritance Tax on Transfer to Flexible Drawdown HMRC 2 Year Rule

Inheritance Tax on Transfer to Flexible Drawdown HMRC 2 Year Rule HMRC consider transfers of pension benefits from one scheme to another to be transfers of value and therefore taxable ...

> 4y10m

Pension Transfers

Why Are Defined Benefit Transfer Values High

Why Are Defined Benefit Transfer Values High

Video looks at the impact of low gilt yields and increased cash equivalent transfer values for defined benefit and final salary pension schemes....

> 8y6m

Pension Transfers

Safeguarded Pension Rights

Safeguarded Pension Rights

Video explains the term for pensions with built in guarantees such as final salary, defined benefit, GMP Guaranteed Minimum Pensions, Buy and and Deferred Annuity known as safeguarded pension rights....

> 9y1m

Pension Transfers

Transfer Civil and Public Sector to Flexible Pensions

Transfer Civil and Public Sector to Flexible Pensions

Video looks at transfers for unfunded and funded government, civil service, public sector and local government pensions to flexible drawdown pensions....

> 9y4m

Pension Transfers

Video explains the issued faced by people with a S32 Buy Out pension where the transfer value does cover GMP and therefore there is no cash lump sum nor ...

> 9y9m

Pension Transfers

Flexible Pension Drawdown Risk Run Out Of Money

Flexible Pension Drawdown Risk Run Out Of Money

Video explores the new Flexible Pension Drawdown rules and the risk of running out of money if you do not plan wisely. Transcript: “Hello again, the time of shooting this video ...

> 10y

Pension Transfers

Transfer Value Analysis Service TVAS

Transfer Value Analysis Service TVAS

Video introduces the regulator's requirement that any proposed defined benefit pension transfer requires a G60 Pensions qualified adviser, with FCA permission for these high risk transfers, to conduct a ...

> 10y2m

Pension Transfers

Defined Benefit Flexible Drawdown Transfer

Defined Benefit Flexible Drawdown Transfer

We explain what to think about when/if you are considering transferring a defined benefit pension scheme for flexible drawdown access....

> 10y4m

Pension Transfers

Transferring Into Career or Final Average Salary Pensions

Transferring Into Career or Final Average Salary Pensions

A salary related pension scheme has little risk to you as the pension member. Your employer will underwrite the risk and you are offered a guaranteed pension at retirement.When ...

> 10y6m

Pension Transfers

Final Salary Pension Transfer

Final Salary Pension Transfer

Certain government pension schemes such as the armed forces and civil service are known as an unfunded pension scheme. This is where the people paying for a pension scheme ...

> 10y6m

Pension Transfers

Videos Channels

Our Financial Advice Fees Quotes and Shop

Money Tips Cost of Living & Covid

Cost of Living & Covid

Markets & Alerts

Markets & Alerts

Expat & Offshore

Expat & Offshore

At Retirement Options for Pensions

Options At Retirement

Pension Transfers

Pension Transfers

Green Inv ESG SRI

Green Inv ESG SRI

Law, Wills, Attorneys

Law, Wills, Attorneys

Politics and Economy

Politics & Economy