The Future of Pensions Advice: Part 1 – ‘Definitive breakdown of the final Defined Benefit Rules’
Session: 11 May
In this seminar, Mark Devlin, our Senior Technical Manager for Pensions, talked about the final piece of the Defined Benefit (DB) advice jigsaw – the Finalised Guidance paper FG21/3 – and how M&G are responding to this guidance after its release on 31 March.
The paper is essential to understand the FCA’s expectations and rules for advising clients on giving up safeguarded benefits. Mark walked you through the DB journey since pensions freedoms landed, and highlighted what the regulator expects to see on files to back up all recommendations for safeguarded benefit transfers and conversions.
Learning Outcome – to demonstrate an understanding of:
- The FCA’s requirements on DB transfer advice encompassing the latest publication of finalised guidance FG21/3 advising on pension transfers
Presenter – Mark Devlin – Senior Technical Manager
To claim your CPD certificate, test your knowledge with the questions below.
Write down your answers to each of the following questions and check your answers when you click through to claim your CPD certificate on the link below.
Test your knowledge
1. What is the only type of cashflow modelling that can be done under abridged advice?
a. Modelling the transfer value against prescribed money purchase assumptions
b. Modelling the benefits from the DB scheme against the client’s expenditure needs
c. Any model relevant to the client circumstances
d. Only when the recommendation will be not to transfer
2. Can a client get a declaration of advice after a don’t transfer recommendation from abridged advice?
3. What transfer permission is needed for pension sharing from a DB scheme?
a. Full transfer permissions at firm level and the advice must be checked by a PTS
b. Full transfer permissions at firm level but the advice does not need to be checked by a PTA
c. Relevant investment advice permission
d. The firm must have limited transfer permissions
To claim your CPD certificate, click here.