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PO determination about freedom to impose independent advice requirement on all DB to DC transfers (Mr R PO–23928)

PO determination about freedom to impose independent advice requirement on all DB to DC transfers (Mr R PO–23928)
Published on: 23 October 2018
Published by: LexisPSL
  • PO determination about freedom to impose independent advice requirement on all DB to DC transfers (Mr R PO–23928)
  • Original news
  • Summary
  • What were the facts?
  • What was the Adjudicator’s Opinion?
  • What was Pensions Ombudsman’s Determination?
  • What is the impact of this determination?

Article summary

Pensions analysis: In this case, a member complained that Aegon had refused to accept a transfer from a defined benefit scheme without the member first seeking independent financial advice, notwithstanding that the transfer value in question was less than £30,000 and there was no statutory requirement that such advice be obtained in this instance. The Pensions Ombudsman did not uphold the complaint as Aegon were entitled to impose more stringent transfer requirements than legislation. Wyn Derbyshire of gunnercooke LLP looks at the decision. or take a trial to read the full analysis.

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