New regs won't stop transfer 'sweeteners'

Standard Life says by choosing a calculation approach which works on a “cost to the scheme” basis, advisers will be left in a difficult position if employers continue to offer members “bungs” as transfer values “will remain miserly”. It says advising on transfers from DB occupational schemes to defined contribution (DC) personal pensions is already a complicated process, entailing a 100 point checklist, so it argues adding in the complication of a “bung” will make life even more difficult for advisers. Standard Life says the government’s response to the original consultation, which clos...