When asked if the £30k Enhanced Transfer Value (ETV) threshold for a DB to DC transfer to proceed without advice, was a valid method of control to protect members, 54% agreed, or strongly agreed, 26% were undecided and 20% disagreed.
The experts also warn that the risk of scams will increase with 92% of the respondents agreeing (50% strongly agreeing) that the rise was due to the increasing freedoms for pensions.
Nigel Pearce, Life and Pensions Director, Equiniti, said: “While some members might wish to press ahead with DB to DC transfers in the face of advice to the contrary, it remains to be seen to what extent any adviser and/or provider would be prepared to become involved with such a transfer. It may well be that fear of future criticism, or even litigation, will mean that advisers will choose not to handle this business. We also have to hope that, in its enthusiasm to accommodate individuals looking to take advantage of the new flexibilities, the Government does not do away with protections that are needed now more than ever to protect those same individuals from scammers.”
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Notes to Editor: *About the Survey: The Annual Retirement Survey 2015 is the sixth such survey issued by Equiniti. It was carried out between 28 May and 22 June 2015, seeking the views of professionals throughout the Annuity industry, including product and service providers, retirement planning consultants, employee benefit consultants, regulators and influential bodies. For 2015, 50 responses were received from renowned annuity professionals and commentators within a one-month period.
Notes to Editor: About Equiniti
Equiniti keeps things running smoothly behind the scenes for some of the best-known brands and public sector organisations in the UK.
We specialise in providing finely-tuned finance and administration services, as well as smart technology solutions, in complex and regulated markets.
Our services are delivered by 3,500 employees across 29 office locations, enabling us to offer solutions that are flexible, adaptable and scalable.
We are acknowledged leaders in the pension services market and in the share registration market, where our clients include around half the FTSE 100.
Our mission is to make the complex simple.