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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

Featured Video

93 minutes View transcript

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?

a. Yes

b. No

 

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.

"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.