Chaired by Nucleus’ content editor, Natalie Holt, the panel discussed what advisers are currently seeing in the market, the UK regulator’s response to the increase in demand for these services, how advisers should engage in DB transfer specialists and if partial transfers should be made more widely available.
“Regulators and policymakers are sitting up and taking notice as the level of debate stirred up by defined benefit transfers shows no sign of abating,” said panellist Rachel Vahey, product technical manager, Nucleus.
“Demand among savers has been driven by the high transfer values on offer, and the opportunities offered by pensions freedoms to shape income. Transferring your final salary pension has become a conversation topic among co-workers and this will only fuel demand further.
“Advisers now need to take a call on the level of involvement they want within this market, and how they will meet this new demand from current and potentially new clients. Making sure of your firm’s approach on this area is key.”
Transfer navigation
Nucleus hopes to use the roundtables to assess where the industry is and what advisers need to be doing to navigate the DB transfers and ensure positive outcomes.
For this first in a series of roundtables Holt and Vahey were joined by – Claire Trott, head of pensions strategy, Technical Connection; Matt Connell, director of policy and engagement, Personal Finance Society; Tim Eadon, director, Tuto Associates and Mike Seddon, managing director, Grayside Financial Services.
The panel filmed their first session, which is available on Nucleus content site Illuminate.
