Why we’re a Pension Transfer Gold Standard firm and what it means for you

Over the last few years, scandals about poor pensions advice have never been far from the headlines. The British Steel debacle saw thousands of pension scheme members referred to a register of financial advisers, many of whom gave substandard advice, leading to poor outcomes for many savers.

If you have a Defined Benefit (or ‘final salary’) pension worth more than £30,000 then the law requires you to seek financial advice before you transfer. But how do you find a pension transfer specialist? And how do you know you will receive good advice?

The Pension Transfer Gold Standard launched to give you the confidence that you’re dealing with a firm that is going beyond the minimum requirements when giving financial advice.

Our Pension Transfer Gold Standard accreditation has recently been extended by another year, so here’s what this quality mark means for you.

Ethical and trusted advice that adheres to important principles

Keith Richards, CEO of The Personal Finance Society, says: “The Pension Transfer Gold Standard helps consumers better understand what good advice looks like and where they can find it.”

Financial advice firms who adopt and promote this standard adhere to a set of principles. As a result, you can be confident that you are dealing with an ethical adviser and professional advisory firm that has your best interests at heart when receiving financial advice in relation to whether you should transfer your pension.

The principles we adhere to include:

  • We’ll help you to understand when advice is appropriate
  • We’ll make sure that any advice given supports your overall wellbeing in the context of your stated objectives
  • We’ll make sure that you understand and accept all charges
  • We manage conflicts of interest transparently
  • We will avoid any unregulated investments
  • We’ll help you to understand the cost of transferring benefits
  • Our advice and processes will always be transparent

Dealing with a firm such as BlueSKY who have adopted the Pension Transfer Gold Standard means:

  • You will understand the implications of a transfer, so you can decide whether taking advice is appropriate before you take it and incur any costs in doing so
  • You’ll benefit from working with an appropriately qualified and technically skilled planner who can advise you on whether to transfer and what to transfer into so that you have the best chance of meeting your objectives.

An important note if you’re thinking about a pension transfer

Please be aware that the Financial Conduct Authority (FCA), the regulator of financial advice firms, maintains the view that the value of guaranteed benefits available to members of a Defined Benefit (or ‘final salary’ pension scheme) is such that, for most scheme members a transfer to a money purchase arrangement, where you take on the investment risk of your pension fund, is unlikely to be in your best long-term interests.

Get in touch

The Pension Transfer Gold Standard accreditation means we’re a firm who goes above and beyond when it comes to providing trusted, ethical advice.

If you’re looking for advice on your Defined Benefit/final salary pension, please get in touch. Contact us by email at info@blueskyifas.co.uk or call us on 01189 876655.

Please note

A pension is a long-term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. The interest rates at the time you take your benefits could affect your pension income. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation which are subject to change in the future.