Blog: There, I've said it... DB transfers are not all bad

The government has clarified what many erroneously thought: that, for a person to transfer out of a defined benefit (DB) pension scheme and into a defined contribution (DC) scheme, they will only be legally obliged to take independent financial advice if that transfer value is over £30,000. Many advisers seem to think that this will result in individuals transferring their benefits without advice, resulting in poor outcomes. The original drafting meant that members would have to take advice if all their pension savings exceeded £30,000. This would have created a situation where, if...