The Personal Finance Society* established a voluntary code of good conduct for Safeguarded and Defined Benefit Pension Transfer advice, which was known as the ‘Gold Standard’.
Whilst there is no longer a requirement for advisory firms to adhere to these values, they are very much still embedded within the culture of our organisation.
The Pension Transfer Gold Standard seeks to give Defined Benefit pension holders confidence when they are 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
- Ensuring client understanding and acceptance of all charges
- Ensuring the most appropriate 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
*The Personal Finance Society is the professional body for the financial advisory profession in the UK, whose role is to promote ethical behaviour, high standards of professionalism for technical knowledge and client service for the ultimate benefit of the profession and consumer alike. It is part of the Chartered Insurance Institute, the world’s largest professional body dedicated to insurance and personal finance that seeks to ‘secure and justify the confidence of the public’.
How we can help?
Our team of fully qualified pension transfer specialists can provide you with the independent, fully insured, detailed advice.
Email: info@purelypensions.co.uk
or
Contact Us