We’re proud to be a firm that has met the criteria to achieve the Pension Transfer Gold Standard, a voluntary code of good practice for safeguarded and Defined Benefit pension transfer advice.
The Pension Transfer Gold Standard has been developed by the Personal Finance Society (PFS) and seeks to give Defined Benefit pension holders confidence when they are considering transferring out of a scheme. It has nine core principles:
1. Helping clients understand when advice is appropriate
You can start to understand more about when advice might be necessary, or indeed mandatory, by clicking here to read a guide produced by the PFS.
We also recommend watching a short video produced by Money Alive, which gives you some basic details about the different types of pension schemes. This will help you understand some of the issues around different pension arrangements. You can watch the video by clicking here.
We have also produced our own guide: 14 questions to ask before you transfer your Final Salary pension. You can read and download that by clicking here.
We ask all our clients to ensure they have read the PFS guide, watched the video and reviewed our 14 questions as part of our advice process.
2. Ensuring advice given supports the clients’ overall wellbeing in the context of their stated objectives
Our financial planners are highly experienced and regularly advise members of Final Salary and Defined Benefit pensions.
We will help you understand your objectives, goals and needs. Where necessary, we will also help you understand the occasions where your objectives and goals may conflict with your needs.
Once these are understood, we will produce financial simulations to consider how your future might look if you remain in the scheme or transfer out, considering issues such as your requirement to access capital and the need to produce a sustainable income for the rest of your life. We will also consider tax efficiency, the impact of your death and how you might be affected if things go wrong in your life or in the wider economy.
3. Ensuring client understanding and acceptance of all charges
Our fees and charges are clearly defined. Indeed, we are in the minority of financial planning firms who disclose our charges online.
You can view our charges by clicking here.
We will also confirm the total costs you might pay if you were to transfer in writing prior to engaging you as a client.
4. Ensuring the most appropriate and updated technical skills are applied
We are proud to be a firm of Chartered Financial Planners; the gold standard of financial planning.
Furthermore, all our financial planners specialise in working with clients who have Defined Benefit or Final Salary Pensions. Such work is complex, you can be assured that all our financial planners have the necessary experience and qualifications to undertake it.
Furthermore, all our planners undertake rigorous professional development to ensure their knowledge remains up to date.
5. Transparent management of Conflicts of Interest
We work diligently to monitor all activity and uncover potential conflicts of interests before they arise. Should this happen, you can be assured that they will be declared to you and managed to your satisfaction.
6. Helping clients understand the cost of transferring benefits
We issue a comprehensive report which includes a detailed description of all charges and an explanation of their effects.
7. Avoiding unregulated investments and introducers
We never have, or will recommend unregulated investments. Nor will we ever, accept the introduction of new clients from unregulated introducers.
8. Transparency in advice processes and outcomes
We are transparent in everything we do; for example, we are one of only 5% of firms who disclose their fees online.
At our initial meeting, we will talk you through our advice process and explain the possible outcomes. You can understand more about what to expect when we work with you by clicking here.
9. Promoting the Consumer Guide to the Pension Transfer Gold Standard
You can read this excellent document by clicking here.
Firms that adopt the Pension Transfer Gold Standard must:
- Have regulatory permissions for provisions or pension transfer advice. Therefore, we have demonstrated high levels of the financial and technical knowledge required to appropriately advise on pension transfers.
- Not currently be under any form of ongoing regulatory sanction by the regulator or accredited body in this field of advice. You can, therefore, rest assured that we operate to the highest standards.
- Have adopted all the principles of the Pension Transfer Gold Standard without exception. Accordingly, you can have confidence that we will uphold the above principles.
By working with a firm that has voluntarily committed to the Pension Transfer Gold Advice, you can be confident that you will receive the best possible advice, service and support when considering transferring out of a Defined Benefit pension scheme.
If you wish to know more about the Pension Transfer Gold Standard and how it relates to our practices, services and experiences, please do not hesitate to contact us.