Regulators preparing template for DB transfer details needed by advisers

The Pensions Regulator says a template designed to help scheme administrators give advisers standardised information about members who want to transfer out of defined benefit schemes will be launched this autumn.

Speaking at Money Marketing’s Retirement Summit today, TPR head of policy Fiona Frobisher shed light on how the template fits into the joint strategy being developed between the regulator and FCA.

In February both regulators announced they were working on a joint strategy to set out how they will work together to tackle risks to the pensions sector in the next five to 10 years.

Their main aim is to ensure people have enough money to live off in retirement and a key focus is supporting good choices and actions for scheme members.

Frobisher said one area of concern has been the different approaches administrators and advisers take to the information required about members to process a transfer.

While administrators usually provide generic information about members, advisers need more specific details to work out if a transfer should go ahead.

Therefore the TPR and FCA have been working on a form over the past year that scheme administrators can give to advisers with the right information to help them asses whether a member should transfer.

Frobisher said: “DB transfers are where there have been massive discrepancies between what advisers and administrators need. We have been working with the FCA to address these and a draft template of what standard information administrators should include should be ready by the summer.

“We will release it in the autumn with the FCA alongside the whole joint strategy instead of sharing bits of the strategy in dribs and drabs.”

The FCA’s consultation asking for input into the joint strategy closes on the 19 June.


Mattioli Woods halts DB transfer advice

National IFA Mattioli Woods has stopped giving defined benefit transfer advice as it undertakes a review of the service. In a statement today, Mattioli Woods says it has been in discussions with the FCA while its review of the DB transfer market is ongoing. It also says it is carrying out a “full review” of […]


PFS updates guide on DB transfers for advisers

The Personal Finance Society has updated its guide on pension transfers from defined benefit to defined contribution schemes for advisers. This replaces the earlier good practice guide first published in February 2017 and registers a number of important developments in the market. These include the FCA’s consultation about advising on transfers and its supervisory work […]


The business case for outsourcing

Simon Cooper, Head of DFM Business Development at Cazenove Capital, explains how outsourcing to a DFM can help grow an adviser’s business. Simon also covers how outsourcing can free up valuable time for advisers to focus on building their client relationships along with more in-depth financial planning. For more information please visit our website at


News and expert analysis straight to your inbox

Sign up


There are 6 comments at the moment, we would love to hear your opinion too.

  1. Terry Mullender 7th June 2018 at 3:46 pm

    Excellent. Just 20 years too late. I can remember discussing this issue in 1998. Wake up and smell the coffee TPR & FCA!

  2. Unless you force scheme administrators to use it, it’ll be a complete waste of time. You have huge companies like L&G and Mercer who have just had a temper tantrum and decided to close their phone lines to advisers rather than improve their basic communication. You really think they’re gonna bother using a template for information?! Ha, laughable.

  3. Another mixed message! Oh dear! Should it wait until October? How long does it take to make a template? Someone at the regulators must know what advisers need to know! This is on a level with Gabriel having ‘opening hours’ when it’s a website!

  4. And how will we know if the template will be fit for purpose? Will they deign to consult? When it’s set as best practice (or whatever) what happens if the adviser needs more information in a case? (No case is one size fits all though this may be a good start.) Hopefully they’ll think this through. I always hope.

  5. Why do they need to think about this.

    Any template should be based on what needs to be put into the analysis systems that advisers have to use.

    Past experience of sending templates to schemes would suggest that unless they are forced to use them this will be a pointless exercise.

  6. Andrew Macintyre 8th June 2018 at 8:57 am

    Great idea… in theory…. But I won’t hold my breath to see this in practice…!

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm