The Gold Standard

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