Tisa has dropped plans to introduce a defined benefit transfer guidance service, Money Marketing can reveal.
Last summer Money Marketing reported Tisa was planning to trial guidance sessions for DB pension scheme holders who wanted to transfer out but fell below the £30,000 threshold for compulsory advice.
Money Marketing understands these plans were shelved after issues around advice to transfer out of the British Steel Pension Scheme and the FCA’s concerns about transfers gained wider public attention.
Initially Tisa hoped to run a controlled pilot of a guidance scheme at some point after the general election in June 2017.
However, it was difficult to muster the support from other industry players to carry the initiative forward.
Tisa’s retirement policy manager Renny Biggins explains why the body has stepped back from the project.
He says: “Our priority is to ensure that all consumers achieve the best financial outcomes possible. With this in mind, we have previously looked at whether it was feasible for guidance to play a part in the DB to defined contribution transfer market for those without access to advice.
“However, we felt it important to focus our efforts on the broader issue of how best to meet the needs of those consumers who will rely on guidance support in making financial decisions and the 40 million without access to advice.”