We suspended accepting defined benefit transfer advice on 10/09/2020. We have removed our FCA permissions to offer this advice due to costs and not because we do not have insurance cover. It is due to the fact that our professional indemnity insurance renewal in September 2020 moved our professional insurance premiums up 5 x fold and excesses up 5 x fold when compared to our renewal 3 years ago. These costs are the equivalent of one or two employees salaries. Whilst we still have cover to protect both us and clients for past defined benefits advice works, we cannot justify ever higher premiums for new clients and therefore the fees that we would need to charge for new advice works. We know of just 1 or 2 firms that still offer advice in this sector but the restrictions are huge: e.g. Over 54.5 years old only etc and the fees involved for some advisers start at a minimum of £10,000.
WE DO STILL OFFER ADVICE ON SAFEGUARDED RIGHTS FOR GUARANTEED ANNUITIES and/or PROTECTED TAX FREE CASH but not for DEFINED BENEFIT or GUARANTEED MINIMUM PENSION (GMP) SCHEMES.
We are 'level 6', degree qualified Chartered Financial Planners and have Pension Transfer Specialist permissions from the Financial Conduct Authority as well as adhering to the 9 principles of the Pension Transfer Gold Standard for consumer education, information, fees and advice on pension transfers as set down by the Personal Financial Society (PFS), our professional body and a division of the Chartered Insurance Institute (CII).