Pension Transfers - what can you do? posted Wednesday, 17 February 2010
We were asked a while ago whether or not a transfer resulting from a pension sharing order, required pensions transfer authorisation permission (with someone holding G60 AF4 etc). After some rummaging around we located some peculiarly straightforward advice on the FSA website which indicates they take a (somewhat surprisingly) pragmatic view of a "transfer" under a pension sharing order where the scheme will not retain the spousal deferred benefits. The link is;-
http://www.fsa.gov.uk/smallfirms/your_firm_type/financial/investment/pensions.shtml then click on the "Further information - Factsheet pension transfers, who can do what and when". Clicking on the "pension sharing orders" tab gives the precise wording.
If you do undertake any such transactions though we would suggest that you print this off and keep a copy on the client file - just in case the file is reviewed at some future date by FSA / FOS (or any other regulatory body who may yet supersede the current ones following a change of government!) - so you can handily prove that under the guidance at the time, the case wasn't in fact a transfer.
http://www.fsa.gov.uk/smallfirms/your_firm_type/financial/investment/pensions.shtml then click on the "Further information - Factsheet pension transfers, who can do what and when". Clicking on the "pension sharing orders" tab gives the precise wording.
If you do undertake any such transactions though we would suggest that you print this off and keep a copy on the client file - just in case the file is reviewed at some future date by FSA / FOS (or any other regulatory body who may yet supersede the current ones following a change of government!) - so you can handily prove that under the guidance at the time, the case wasn't in fact a transfer.