PENSION TRANSFER ADVICE Flashcards
1
Q
TYPES of PENSION TRANSFER ADVICE
A
TRIAGE
Generic features advantages and disadvantages of DB and DC schemes
Generic benefits and drawbacks of transferring rights within a DB to a DC flexible benefits
Details of the transfer process and timescales
ABRIDGED ADVICE
Adviser must make clear can only have 2 outcomes
A personal recommendation not to transfer
that abridged advice process is not sufficient to allow adviser to arrive at conclusion as to whether or not the pension transfer is suitable for the client
CONTINGENT CHARGING
Exceptions for financial difficulty and ill health
Unable to make payments 3 of the last 6 mths
No younger than 54 years 6 mths
Life expectancy of less than 75
