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Aurora Financial Planning
Aurora Financial Planning

0121 429 7100

info@aurorafp.co.uk

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Pension transfers

Pension transfers can be complicated and there are lots of things to think about before going ahead. Seeking professional financial advice will help to ensure you are better able to make a fully informed decision that is in your best interests. It is for that reason that the Government has made it a legal requirement to seek financial advice before you can transfer, if you have what’s called ‘safeguarded benefits’ – in particular if you are in a defined benefit pension scheme or have a guaranteed annuity rate – and your benefits are worth £30,000 or more.  

 

This rule is there for your protection to make sure you are aware of all the pros and cons of transferring. The Pension Transfer Gold Standard is designed to you recognise and find firms that will give advice that adheres to high professional standards.

 

The Gold Standard is a voluntary code of good practice for safeguarded and defined benefit pension transfer advice, based around a set of principles.

 

Firms can adopt and promote this standard and principles, so consumers can better understand and find good advice, and be confident they are dealing with a firm that is going beyond minimum requirements when giving financial advice.

 

Aurora Financial Planning have adopted the Gold Standard, the 9 principles are;

 

The nine principles

  • Helping clients understand when advice is appropriate
  • Ensuring advice given supports the clients overall wellbeing in the context of their stated objectives
  • Ensuring client understanding and acceptance of all charges
  • Ensuring the most appropriate and updated technical skills are applied
  • Transparent management of Conflicts of Interest
  • Helping clients understanding the cost of transferring benefits
  • Avoiding unregulated investments and introducers*
  • Transparency in advice processes and outcomes
  • Promoting the Consumer Guide to the Pension Transfer Gold Standard

 

Click Here to download the Consumer Guide in PDF format.

 

Please do not hesitate to contact ourselves if this is an area of advice that you require.

 

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Pension Transfer Gold Standard

Aurora Financial IFA Ltd

Cobalt Square, 83 Hagley Road, Edgbaston, Birmingham B16 8QG
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0121 429 7100 E info@aurorafp.co.uk W www.aurorafp.co.uk

 

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