The Defined Benefit Transfer Panel Debate

Session: 28 April 2021

Vince Smith-Hughes is joined by Gary Kershaw, Group Compliance Director at Simply Biz, Will King, Head of Business Development at Pension Works and Dan Kelly, Managing Director at Onyx Insurance Brokers for a debate around some of the key themes affecting the DB transfer market.

It will include thoughts on the FCA finalised guidance, how to make and take introductions compliantly, how abridged advice is being used, obtaining PI cover and more.

This session should help you gain a better understanding of:

  • The impact of the finalised guidance on the DB market
  • How the new rules have shaped the market six months on
  • How to offer clients a proposition for DB advice

Presenters – Vince Smith-Hughes – Director of Specialist Business Support, Prudential

         Gary Kershaw – Group Compliance Director, Simply Biz

         Will King – Head of Business Development, Pension Works

         Dan Kelly – Managing Director, Onyx Insurance Brokers

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 reference of the finalised guidance paper?

a. GC20/1

b. FG21/3

c. DB13

d. DB20/3

 

2. What type of cashflow modelling assuming funds are transferred can be used for abridged advice?

a. Cashflow modelling cannot be used in abridged advice for anything other than the DB benefits against the clients expected expenditure

b. Only in line with APTA

c. Any model relevant to the client circumstances

d. Any model that takes account of when funds might run out

 

3. When can contingent charging continue to be used for a DB transfer?

a. Only when the clients requests it

b. When the client in in ill health and/or has financial hardship and cannot afford to pay for the advice

c. When the adviser explains it in writing

d. When the total annual charge is less than 1% p.a

 

4. How many additional hours of CPD must a pension transfer specialist now undertake?

a. 30 hours

b. 10 hours

c. 35 hours

d. 15 hours

 

To claim your CPD certificate, click here.

"Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at Craigforth, Stirling FK9 4UE. Registered number SC212640. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company. The Prudential Assurance Company and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc, a company incorporated in the United Kingdom. These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.