Govt introduces tax break on DB to DC transfer advice

This follows the Pension Schemes Act 2015, which set out new rules surrounding DB to DC transfers. Under these rules members are required to obtain appropriate independent advice from a Financial Conduct Authority approved adviser before the scheme can action the transfer - a move intended to ensure that the implications of giving up a valuable benefit are fully understood. And employers are obliged to pay for such financial advice when they have raised the option of transferring by running an official transfer exercise. Further reading: Everything advisers need to know about pen...