Global consultancy firm, Mercer, has seen a 60% increase in the number of people wanting to know the value of their defined benefits (DB) pension scheme, driven by the introduction of the UK pension reforms on 6 April.
Advisers now have to provide pension trustees with details of any transfer advice they give to members of defined benefit pension schemes, according to final guidance by the UK’s pension regulator.
The Financial Conduct Authority (FCA) has announced that all members of UK defined benefit pension schemes must in future receive professional advice before transferring funds to defined contribution (DC) schemes.
