Pensions - Articles - Pension Transfers Gold Standard needed for benchmarking

The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, has said that the Pension Transfer Gold Standard, a voluntary code of good practice for financial advisers launched today by the Pensions Advice Taskforce, is a vital step forward for helping members access good advice.

 Margaret Snowdon, Sponsor of PASA’s DB Transfers Working Group said: “We continually support any initiative that seeks to improve the quality of transfer advice and helps members gain efficient and safe access to their savings. As such, the Pension Transfer Gold Standard is a vital step forward in helping members build a better understanding of what good advice looks like and where to find it.

 “Administrators undertake careful due diligence to help ensure transfers are as safe as possible, but ultimately the decision lies with the member, who relies on good advice. The Gold Standard’s Consumer Guide, due to be released later this month, will provide a tool to give members confidence that their adviser has their best interests at heart.

 Our DB Transfers Working Group is liaising closely with the Pensions Advice Taskforce and will actively encourage the administration community to include the forthcoming consumer guide alongside all transfer quotations.”

 To view more information about The Pension Transfer Gold Standard, click here

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