Transferring clients' assets between organisations can be a major headache - often time consuming, frequently frustrating and possibly uneconomic.
The FSA has proposed making re-registration between nominee companies including all platforms compulsory from 1 January 2013. So how is the industry gearing up for 2013? Right now, most pension-to-pension and pension-to-annuity transfers are cash based. Customers’ assets are sold and all of the resulting cash is re-invested, leading to potential taxable events. Cash is fine for many transfers, but not all. Given the broad agreement in the industry that a significant amount of assets will transfer from place to place in the coming years, it is clear that a simple, quick and holistic wa...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes