Thirdly, the advice process and charges, where 67% of the advisers in its survey said they would only do pension transfers as part of a full financial plan.
Half of advisers charged a percentage of the transfer value (contingent charging) while 25% charged a fixed amount and 16% charge on a time / cost basis.
Other findings included:
- 89% carried out an initial triage process to determine whether a full transfer process is appropriate
- 99% carried out a full attitude to risk /capacity for loss assessment
- 76% included cash flow modelling for the client as part of the transfer assessment
