Just one in four advisers are willing to work on transfers out of defined benefit pension schemes, boosting calls for new regulatory guidance.
A survey of 248 advisers conducted by NMG Consulting found just 27 per cent would undertake DB transfers, while around half said they they would not. A quarter of respondents were undecided.
Apfa director general Chris Hannant says the survey results highlight the need for the FCA and FOS to clarify advisers’ liability position when undertaking pension transfers.
Trade bodies have warned advisers “should just say no” to clients who insist on transferring out of schemes despite being advised against a move.
The research also found over half (54 per cent) of advisers are looking for new clients seeking to use the new pension freedoms. Of those, nearly a third were registered with the MAS directory.
Hannant says: “It is interesting to see how advisers have reacted to the pension reforms. Over half of advisers are unwilling to undertake pension transfer requests and with over a quarter still unsure. This highlights the uncertainty for advisers and the need for the FCA and FOS to clarify the position on advisers’ liability when they undertake a pension transfer.”