Pension transfers from defined benefit to defined contribution
Good practice guide
Publication date:
21 January 2020
Last updated:
18 December 2023
Author(s):
Personal Finance Society
Updated January 2020
Defined benefit pension transfer advice continues to be a key area of focus for the FCA, government and indeed consumer media.
In most cases, transferring pension benefits out of a defined benefit scheme is irreversible and in some instances the merits or otherwise of the transfer may only become apparent years into the future.
So, it is particularly important that firms advising on pension transfers ensure that their clients understand fully the implications of a proposed transfer before deciding whether to proceed, and only when based on the Personal Recommendation of suitability by their professional adviser.
Read good practice guide on Pension transfers from defined benefit to defined contribution (PDF)
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.
