Key Takeaways
- List examples of both good and bad practice when demonstrating risk assessments as part of the transfer advice process
- Understand the requirements on firms to adequately demonstrate the ‘knowledge and experience’ of a transfer client
- Understand the background to the introduction of templates to standardise the process of requesting data from DB scheme trustees
- Describe the need for using templates to obtain data from Workplace Pension Schemes as part of the transfer advice process
- List examples of rationale to justify DB Pension Transfers that are unlikely to meet regulatory / compliance standards
- Describe the types of client objectives that should be documented as part of a DB transfer
- Critically evaluate the use of cash flow modelling when advising upon Defined Benefit transfers
- Describe some of the regulator’s concerns about cash flow modelling for DB transfer clients
- Understand the timelines that apply for transacting Defined Benefit transfers
- Describe some of the consequences and options available if these timelines are breached
