Rowley Turton sign up to the Pension Transfer Gold Standard
30th April 2019
As part of our commitment to the highest professional standards, Rowley Turton are proud to announce that we have adopted the Pension Transfer Gold Standard.
The Gold Standard is a voluntary code of good practice for safeguarded and defined benefit pension transfer advice, based around a set of nine principles.
We have agreed to adopt and promote this standard and principles, so that consumers can better understand and find good advice, and be confident they are dealing with a firm that is going beyond minimum requirements when giving financial advice.
The nine principles
- Helping clients understand when advice is appropriate.
- Ensuring advice given supports the clients' overall wellbeing in the context of their stated objectives.
- Ensuring client understanding and acceptance of all charges.
- Ensuring the most appropriate and updated technical skills are applied.
- Transparent management of conflicts of interest.
- Helping clients understanding the cost of transferring benefits.
- Avoiding unregulated investments and introducers.
- Transparency in advice processes and outcomes.
- Promoting the Consumer Guide to the Pension Transfer Gold Standard.
Why the Pension Transfer Gold Standard is needed.
Pension transfers can be complicated and there are lots of things to think about before going ahead.
Seeking professional financial advice will help to ensure you are better able to make a fully informed decision that is in your best interests.
In addition, taking regulated financial advice is compulsory for anyone looking to transfer what it termed ‘safeguarded’* benefits of more than £30,000 (*this means Defined Benefit/Final Salary Pension Schemes, Guaranteed Minimum Pensions (GMPs) and pensions with Guaranteed Annuity Rates (GARs)).
This rule is there for your protection to make sure you are aware of all the pros and cons of transferring.
The Pension Transfer Gold Standard is intended to help consumers recognise good practice, ethical and professional standards when seeking financial advice on pension transfers.
Rowley Turton director and Pension Transfer Specialist Scott Gallacher explains:
"Unfortunately not all financial advisers have acted with their client's best interests at heart and the Pension Transfer Gold Standard is one way of helping you find a financial adviser, like Rowley Turton, that will give you high quality professional financial advice on all of your options.
Our adoption of the Pension Transfer Gold Standard is just part of our wider commitment to ensuring that our clients receive the very best independent financial advice on all financial matters."
For more details on the Pension Transfer Gold Standard click HERE.