The Pensions Advice Taskforce, a representative industry body set up by the Personal Finance Society*, has established a voluntary code of good conduct for Safeguarded and Defined Benefit Pension Transfers advice – the ‘Gold Standard’.
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
