The latest government-backed code of conduct on enhanced transfer value exercises includes a pledge that employers must pay for independent financial advice for all affected members. Is this a golden opportunity for advisers?
When the pensions minister says he has grave concerns about a relatively common practice in occupational pensions, something has to be done about it. Since becoming the coalition’s pensions minister, Steve Webb has been vocal on the topic of enhanced transfer value (ETV) exercises and what he perceived to be “bad practices”. Cash bribes Webb made an emotive speech about people being tempted with ‘cash bribes’ to leave gold-plated defined benefit (DB) pension schemes just before Christmas, when family finances can be tight. He then told the industry “to put its house in order”. “I...
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