Pension Transfer Gold Standard
The Pension Transfer Gold Standard is a voluntary code of good practice for safeguarded and Defined Benefit (DB) pension transfer advice based around a set of principles. Firms are required to adopt and promote the principles, so consumers can better understand and find good advice and be confident they are dealing with a firm going beyond minimum requirements.
The Pension Transfer Gold Standard seeks to give Defined Benefit (DB) pension holders confidence when considering transferring out of a scheme. The nine core principles of the Pension Transfer Gold Standard are:
- Helping clients understand when advice is appropriate
- Ensuring advice given supports the clients’ overall wellbeing in the context of their stated objectives
- Confirming client understanding and acceptance of all charges
- Providing the most suitable and updated technical skills are applied
- Transparent management of Conflicts of Interest
- Helping clients understand the cost of transferring benefits
- Avoiding unregulated investments and introducers
- Transparency in advice processes and outcomes
- Promoting the Consumer Guide to the Pension Transfer Gold Standard
Firms that adopt the Pension Transfer Gold Standard must:
- Have regulatory permissions for provisions or pension transfer advice. Therefore, we have demonstrated high levels of the financial and technical knowledge required to advise on pension transfers appropriately.
- Not currently be under any form of ongoing regulatory sanction by the regulator or accredited body in this field of advice. You can, therefore, rest assured that we operate to the highest standards.
- Have adopted all the principles of the Pension Transfer Gold Standard without exception. Accordingly, you can have confidence that we will uphold the above principles.
By working with a firm that has voluntarily committed to the Pension Transfer Gold Advice, you can be confident that you will receive the best possible advice, service and support when considering transferring out of a Defined Benefit (DB) pension scheme.
You can learn more about the Pension Transfer Gold Standard by reading their consumer guide here.