Defined benefit to defined contribution

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A recent survey shows that 69% of advisers who are or have been active in advising on defined benefits and potential transfers cite the complexity of FCA regulations as a major factor regarding whether to continue to provide advice in this area.¹

We've designed and adapted our defined benefit (DB) support material to highlight the important areas to consider before deciding if a transfer may be suitable for your clients.

It’s just for information, and it’s up to you to make sure that your suitability assessment meets your regulatory requirements.

¹Research conducted for Aegon by Opinium, based on responses from 211 IFAs between 4 - 10 April 2019.

You should only recommend a DB transfer after careful consideration, following a full and thorough review by a qualified pension transfer specialist adviser. The advice process must consider the client’s circumstances, long-term financial objectives and the advantages and disadvantages of transferring in order to give your client enough information to make an informed decision. It will also include your assessment of the suitability of the receiving scheme, the investment choices, benefits, and options that are available.

Adviser DB support material

Have a look through our DB support material to help you with the suitability assessment and important areas to consider before deciding if a transfer may be suitable for your clients.