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Tisa shelves DB transfer guidance service

Tablet-Technology-Computer-Business-700x450.jpgTisa 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.”

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. what the bloody hell is TISA?

  2. No mention of the impending Pension Review II?

  3. A real pity as that now means anything under £30k, not only is it not economic for a Pension Transfer Specialist to advise (or the consumer to pay for it), a NON pension transfer specialist cannot facilitate a transfer either, teh TF specialist WILL NOT as it may be contrary to what they would have advised (they’d be mad to do it on an inistent client basis as the FOS would probably find against and the fee charged could not be enough to protect against the risk for the advsier) and there is no guidance for the consumer from ANYBODY on DB transfers under £30k….
    The FCA, PensionWise and MAS )or whatever their new name is) will not either as they only give generic guidance.
    Bit of a mess really.

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