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Richard Porter Financial Advisers St albans

Final Salary Pensions are suitable for the vast majority of members. Transferring from a final salary pension scheme is an irreversible decision and it could have a detrimental effect on your retirement planning.

Richard Porter, Director, Lonsdale

Pension Transfers

Lonsdale Services are unable to provide financial advice regarding the suitability of a pension transfer.

For further information we recommend you read the Personal Finance Society Pension Transfer Gold Standard Consumer Guide.

To learn more about pension transfers read: Defined Benefits Pension Transfer. To understand the differences between pension schemes and how they are treated read: Comparison of Defined Benefit and Defined Contribution Pension Schemes.

Pension Transfers are NOT suitable for most clients

The FCA expects all financial advisers to start by assuming that a pension transfer won't be suitable for a client. The onus is on us, as the independent financial adviser, to show evidence that it is clearly in the client's best interests to transfer before making a personal recommendation to do so.

FCA assessment work relating to the unsuitability of pension transfers

The FCA conducted assessment and reviewed information relating to pension transfer cases from 45 financial advisers in 2018. Less than 50% of the advice reviewed was deemed suitable. In regard to the assessment work the FCA declared: ‘Our results are based on our targeted work and are therefore not representative of the whole market.’

What is a pension transfer?

The FCA defines a pension transfer as being a transaction where:

Deferred benefits (regardless of when the client intends to crystallise such benefits) are transferred from:

  • an occupation pension scheme; or
  • an individual pension contract provided fixed or guaranteed benefits that replaced similar benefits under a defined benefits (DB) pension scheme


  • a defined contribution (DC) occupation pension scheme; or
  • a personal / stakeholder pension scheme; or
  • a deferred annuity policy (where the eventual benefits depend on investment performance in the period up to the date those benefits will become payable)
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