In April 2019, we suspended accepting Defined Benefit and Safeguarded Rights pension transfers as the Financial Ombudsman Serice maximum (non- contestable) compensation limited was increased from £150,000 to £350,000.
Many Financial Adviser Professional Indemnity insurers increased insurance cover for most areas of business except Defined Benefit and Safeguarded Rights pension transfers meaning both consumers and financial advisers would not be adequately protected. We therefore suspended advice in this area until full cover was back.
We are now able accept Defined Benefit and Safeguarded Rights pension transfer enquiries again because at our insurance renewal in early September 2019, our PI insurers confirmed they had decided to offer full cover under the new compensation limits.
1) You must be at least 50 years old
2) You must watch/read all articles/videos in our Pension Transfer Videos Gold Standards Channel https://www.financialadvice.net/pensiontransfers/video_channel/2269/44
3) You must download and read the PFS Consumer Guide to Pension Transfers Gold Standard. The Personal Finance Society (PFS) is a division of the Chartered
Insurance Institute https://www.financialadvice.net/resources/pdf/pension-transfer-gold-standard-logo-consumer-guide.pdf
4) You must visit the Personal Finance Society website for more information on the same https://www.thepfs.org/about-us/initiatives/the-pension-transfer-gold-standard/understanding-the-pension-transfer-gold-standard/#
5) Finally, you must have an overriding reason to transfer that outweighs any guarantees or safeguarded rights that you would be giving up.