Advisers are increasingly concerned about the rules around pension transfers as concerns persist over retrospective regulatory action.
Nearly one in three (27 per cent) of all calls and emails to adviser support firm SimplyBiz in July were enquiries to do with pension transfers, up from 19 per cent in the same period last year.
There were 1,465 calls and 1,430 emails over the month.
Information on HMRC limits and allowances was still the most popular reason for advisers to contact the firm, although this dropped from 34 per cent of all communications to 29 per cent.
Advisers have raised concerns over future regulatory action, particularly regarding pension transfers for so-called insistent clients. In June, the FCA published a factsheet on dealing with clients who ignore the recommendation of an adviser.
SimplyBiz pensions technical adviser Helen Shepherd says: “One of the biggest trends we’ve experienced over the past 12 months is a large shift away from defined benefits scheme membership into more flexible money purchase schemes, triggered by pension freedom.
“Understandably, we have seen a corresponding increase in requests for individual file checks by the pension technical team due to growing concern from advisers over the potential of future complaints.
“Despite the pension freedom legislation moving from theory to reality over the past year, there is still substantial confusion surrounding the raft of new legislation that has been introduced in a relatively short period.”