Consideration of the clients workplace pension

Nathan

Morning All,

I am trying to find where in COBs or any other rules that it says that we have to consider the clients workplace pension?

Is this just for DB transfers or for all pension switches?

Thanks in advance.

N

benjaminfabi

COBS 19.2.2R
RP
When a firm prepares a suitability report it must:

(1) (in the case of a personal pension scheme), explain why it considers the personal pension scheme to be at least as suitable as a stakeholder pension scheme;

(2) (in the case of a personal pension scheme, stakeholder pension scheme or FSAVC) explain why it considers the personal pension scheme, stakeholder pension scheme or FSAVC to be at least as suitable as any facility to make additional contributions to an occupational pension scheme, group personal pension scheme or group stakeholder pension scheme which is available to the retail client; and

(3) (in the case of a pension transfer, other than where the only safeguarded benefit involved is a guaranteed annuity rate, where the proposed arrangement is a personal pension scheme, stakeholder pension scheme or defined contribution occupational pension scheme that is not a qualifying scheme) explain why, at the time of the personal recommendation, it considers the proposed arrangement to be more suitable than the default arrangement of an available qualifying scheme.

Nathan

Thank you Ben, that is awesome.

les_cameron

Note the first two are at least as suitable and the DB one is more suitable.