DB transfer summary page
Colinstewart76
Member
Hi all
The FCA's DB transfer summary page for suitability report has fixed wording - you know the one that has the table showing the level of pension income vs the cost of advice/transfer. My issue is that I am working on a case where the recommendation is a partial transfer, so some of the DB income is being retained.
Anyone written a suitabililty report under the post October 2020 regime where a partial transfer has been recommended (niche request I know) that could give me a steer. I'll see if I can get a compliance view too.
Thanks
Colin
Outsourced paraplanner for The Paraplanners. President of the Scottish Petanque Association
Comments
The costs comparison looks at taking full benefits vs transfer - the income in the event of a transfer will still be a variable sum, even though it is underpinned by a guaranateed element.
I'm reviewing such a case at the moment, and happy to chat through if you like?
Ah, ok. That sort of makes sense but as the wording in it is absolutely rigid it doesn't allow for an explanation that the charges comparison is either over stated (if full transfer costs are shown) or only reflects the costs of the benefits that are transferred (partial).
Our compliance people suggested 2 Summary pages would be more transparent. 1 in respect of the DB benefits that are being retained and 1 in respect of the transferred benefits.
Best to go with what your compliance people suggest!
Thanks Andy