Changes In Pension Transfer Advice Prompts Those Wanting Transfers To Act Now.

With the recent confirmation by a number of UK advisory firms that they will not be giving advice to clients looking to transfer out if their pension schemes, it is recommended that those considering transferring out of their UK defined pension scheme do so sooner rather than later.

 After a period of overstated and overvalued transfer values, the value of defined benefit pension scheme’s underlying assets are in decline. Combined with the increasing costs of operating and maintaining the service of providing advice to those with defined benefit schemes, regulators are looking to cool the market and slow down the number and rate of transfers.

 This decision by UK advisory firms to cease providing advice to clients looking to transfer has come after an earlier review in June by the Financial Conduct Authority (FCA), this recent announcement reaffirms their previous recommendation.

 As the decision by more and more UK advisory firms to cease giving Defined Benefit pension scheme advise and the ongoing attempts by the FCA to cool the transfer market and reduce transfer values impacts the market it is anticipated that transferring a Defined Benefit pension fund will become more and more difficult and more and more costly., Individuals with defined benefit pension schemes that are looking to transfer their pension into New Zealand, and receive the best possible advice based on your unique circumstances, are advised that, you start the process so as soon as possible.

 Ranfurly Strategic offer a listed Superannuation Scheme, as well as an agent that can assist you through the transfer process, prepare transfer forms, and assist in obtaining the required UK and NZ advice that you need. The Ranfurly Scheme is listed on the UK Government Recognised Pension Schemes List.

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