Royal London has raised concerns with The Pensions Regulator (TPR) that defined benefit (DB) transfer value quotes are too often becoming invalid before members are ready to transfer.
A newly-generated quote is required when the previous one becomes invalid, often costing several hundred pounds with no guarantee the new quote will be as favourable to the member as the original. Rathmore Financial chartered financial planner Floyd Fombo, whose firm brought the situation to Royal London's attention, said the current three-month validity of cash equivalent transfer values is often too short a period to allow all necessary information to be collected from the pension scheme and the full advice process to be completed. He highlighted a number of potentially complicating...
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