Advisers say that FCA rules could be leading to too much caution on defined benefit transfers.
While many are calling for greater clarity from the regulator, a new survey by Aegon shows that nearly three-quarters of advisers actually think the rules could be stopping some DB to defined contribution transfers that should go ahead.
37 per cent said the existing guidance is unclear, and 39 per cent think it is clear enough, but overall, the majority think the regulations as they stand are resulting in too much caution.
73 per cent say offering more DB transfers would be positive.
Aegon pensions director Steven Cameron says: “No two clients are the same, and transferring from a DB scheme and giving up a secure income for life is certainly not right for everyone. With an ever growing demand from clients looking at this option, advisers are keen to see how the FCA will update its guidance following their consultation. Clear, updated guidance will allow advisers to offer their services with confidence without feeling they have to be unnecessarily cautious.”