Since the FCA confirmed changes to the pension transfer rules and provided clarification around the requirements for advice on safeguarded benefits, it is essential for advice on the transfer of safeguarded rights. Safeguarded benefits are described as below:-

"safeguarded benefits" means benefits other than:
a.    Money purchase benefits, and
b.    Cash balance benefits

Safeguarded benefits therefore includes Defined Benefit Pensions, DC Pensions with a Guaranteed Minimum Pensions (GMPs) and Guaranteed Annuity Rates (GARs).

The ability to advise on DB Pensions and GMPs require full transfer permissions and a Pension Transfer Specialist (PTS) whilst the ability to advise on GARs requires limited transfer permissions.

Where the value of any Safeguarded Benefits is in excess of 30,000 legislation requires advice to be given. 

We offer file checks on both DB Pension Transfers and GARs. DB Transfer checks are available at 500 plus VAT, whereas GAR file checks are 150 plus VAT.