Transfer penalties not stopping pensions consolidation

A survey of 140 advisers, carried out by Fidelity FundsNetwork just before A-Day, reveals three in five advisers were worried about the exit penalties imposed by some providers when considering consolidating a clients pension scheme assets. But the investment platform claims since A-Day, a substantial number of advisers have chosen to consolidate pension assets despite the penalties, with the average case size increasing from £52,000 to more than £175,000 post A-Day. FundsNetwork says it has seen the increased business mainly being transferred into its self-invested personal pension (Si...