Compulsory advice on DB to DC transfers move welcomed

It follows the decision by government to permit switches from DB to defined contribution (DC) schemes. It intends to make it a statutory requirement on transferring schemes that individuals must receive professional advice from a Financial Conduct Authority (FCA)-regulated adviser who is also independent from the DB scheme. Schemes will be required to check that a member has taken advice from an appropriate adviser before allowing a transfer. In most cases, the government says, the individual pension member will be required to pay for the advice, which only applies to those with sa...