What does a good defined benefit (DB) transfer file look like in 2020?
Back in 2018, we released a paper which looked at DB transfers from a number of angles and how to create a comprehensive, clear file.
At the time, the paper also discussed the upcoming changes, namely the introduction of transfer value comparators and the appropriate pension transfer analysis, as well as assessing a client’s attitude to transfer risk.
Those changes came into force on 1 October 2018. Now, a couple of years later, we have a new tranche of changes that came into effect on 1 October 2020.
DB schemes, and how to thoroughly assess and document advice in this area, is something we’re regularly asked about at Apricity, and we’ve always thought it important to provide our own guidance in a more robust manner than simple checklists.
The key is to have a thorough understanding of the FCA requirements behind reviewing a DB scheme, which should in turn lead to your files being compliant.
So, we've refreshed our DB white paper and designed a new resource area to give you a 'DB debrief' and provide you with helpful tools to support you going forward.