Pension transfer rules: Everything advisers need to know

PS15/12 was published on the 8 June, two months after the introduction of the pension reforms and the requirement for all those transferring out of a final salary scheme with a transfer value of £30,000 or more to seek advice on the transfer. The legislation didn’t cover the level of advice required or what qualifications/permissions the adviser or firm needed to give this advice. The late nature of the Pensions Schemes Act 2014 being finalised in March 2015 only weeks before the introduction of the new rules meant the Financial Conduct Authority (FCA) had a short time to get the ch...