Cookies on the PFS website

By using and browsing the PFS website, you consent to cookies being used in accordance with our policy. If you do not consent, you are always free to disable cookies if your browser permits, although doing so may interfere with your use of some of our sites or services. Find out more »

Personal Finance Society
Recently added to my basket
 
Sorry but there was an error adding this to your basket. Please try adding it again
 

The Pension Transfer Gold Standard


The Gold Standard is a voluntary code of good practice for safeguarded and defined benefit pension transfer advice, based around a set of principles.

Firms can adopt and promote this standard and principles, so consumers can better understand and find good advice, and be confident they are dealing with a firm that is going beyond minimum requirements when giving financial advice.

Sign up for the Gold Standard

Any financial advice firm can adopt the Gold Standard, regardless of which accredited body they are a member of, our sign up page contains detailed information about how to register and the criteria firms need to meet:

The nine principles

  1. Helping clients understand when advice is appropriate
  2. Ensuring advice given supports the clients overall wellbeing in the context of their stated objectives
  3. Ensuring client understanding and acceptance of all charges
  4. Ensuring the most appropriate and updated technical skills are applied
  5. Transparent management of Conflicts of Interest
  6. Helping clients understanding the cost of transferring benefits
  7. Avoiding unregulated investments and introducers
  8. Transparency in advice processes and outcomes
  9. Promoting the Consumer Guide to the Pension Transfer Gold Standard
 

‘The Pension Transfer Gold Standard helps consumers better understand what good advice looks like and where they can find it, we believe it will represent significant progress towards avoiding a repeat of negative events such as the British Steel debacle of 2018. 

We hope you agree and that if you are a financial advice firm you will sign up and adopt the Gold Standard. If you are a pension provider, scheme administrator, PI Insurer or representative body, we hope you will openly support the aims and objectives of both the Taskforce and Gold Standard.’

Keith Richards
CEO of The Personal Finance Society

Corporate endorsements

Consumer guide to the Pension Transfer Gold Standard

About the Pension Advice Taskforce

The Pensions Advice Taskforce is a sector wide representative body whose ultimate purpose is to raise advice standards and enhance consumer protection in complex areas of pension advice. Its initial focus has been on safeguarded and defined benefit pension transfers and the creation of the Pension Transfer Gold Standard.

Members of the steering group represent consumer bodies, financial advisers (both large and small), scheme administrators, pension providers, PI insurers, Pension Wise, TPAS, Money Advice Service (all now under the banner of the Money and Pensions Service), and compliance consultants all with direct experience of both individual and workplace pensions.

The Financial Conduct Authority and The Pensions Regulator sit on the steering group as independent technical observers.

The role of The Personal Finance Society

The Personal Finance Society (PFS) is the professional body for the financial advisory profession in the UK, whose role is to promote ethical behaviour, the highest standards of professionalism for technical knowledge and client service for the ultimate benefit of the profession and consumer alike.

The PFS has been instrumental in helping create the Pension Advice Taskforce and facilitates and promotes access to the Gold Standard on their behalf to both advisers and consumers alike.