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Final Salary Transfer Out - Can anyone recommend a company?

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  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    1,000 Posts Photogenic Name Dropper First Anniversary
    edited 20 March 2021 at 10:31AM
    Thank you for the reply, Silvertabby.
    What doesn't chime with the narrative of "saving fund members from themselves" is this data:

    What we found

    Firm data:

    • 3,042 firms held the DB transfer advice permission.
    • 3,015 responded to our data request – this is over 99% of the market. The remaining 1% have been in discussions with us.

     Market data:

    • 2,426 of these firms had provided DB pension transfer advice between April 2015 and September 2018.
    • 1,346 firms reported data on clients who had not proceeded after receiving initial guidance (‘triage’). 
    • The total number of clients not proceeding to advice was 59,086.
    • 620 firms (26%) facilitate transfers for insistent clients.
    • 234,951 DB scheme members received advice on whether to transfer between April 2015 and September 2018.
    • Of those receiving advice 162,047 members (69%) had been recommended to transfer out, and 72,904 members (31%) had been recommended not to transfer.
    • Of those advised not to transfer, 9,534 (13%) of those clients transferred as ‘insistent clients’.
    • Across recommendations for and against transfer, the average transfer value was £352,303 equivalent to a total value advised upon of £82.8bn. This compares to £1.57trn in DB schemes eligible for the Pension Protection Fund as at 31 March 2018.   
    • At 30 September 2018, there were 6,509 Pension Transfer Specialists engaged in providing advice to DB scheme members across the 2,426 active firms.

    Of the 171,581 clients who were recommended to transfer or who transferred as insistent clients, 120,735 (70%) signed up to ongoing advice from the firm recommending the transfer.


    17 from 18 DB pension transfers have been on a positive recommendation by the appointed Financial Adviser; two thirds of total cases. 70% of transferees signed up for ongoing advice from their advisers.

    No doubt there have been very many cases where fund members have transferred against their own interest and I too would expect there to be in time a mountain of compensation claims, especially from those put in low performing funds with attendant ongoing adviser fees. 

    If you appoint advisers gatekeepers to people's fortunes then expect them to act in their own interest. 

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