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DB Transfers: answer 5 questions in 5 minutes to give £5 to charity
With the FCA issuing both a Policy Statement and a second Consultation Paper earlier this year, the DB transfer market is being transformed. You are facing a number of challenges and new pension transfer regulations are due to come into force on the 1 October 2018. Please take the time to complete our simple survey which aims to identify your understanding of the changes that are about to happen, your recent experience with professional indemnity renewals and your views of the current market.
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Q1. What changes are happening to defined benefit transfer rules on 1 October 2018? (tick all that apply)
A new generic comparison
Recommendations must be personalised
Any disagreements between a pension transfer specialist and an adviser must be settled before the client is given the suitability report
Replacement transfer analysis rules
Don't know
Q2. Which of the following requirement will be included in the Appropriate Pension Transfer Analysis? (tick all that apply)
Take into account the impact of the transfer on the tax position of the client
Consider trade-offs that may occur by prioritising different client objectives
Take into account the impact of the transfer on the client’s access to state benefits
Identify the client’s attitude and understanding of investment risk
Don't know
Q3. Which of the following assumptions will be used to produce a Transfer Value Comparator for a client? (tick all that apply)
Pension product charges are fixed at 0.75% pa
Adviser charges are fixed at 3% initial and 0.5% pa ongoing
The intermediate rate of growth is fixed at 5% pa
25% tax free cash is withdrawn at retirement
Don't know
Q4. What has been your experience when undertaking your professional indemnity (PI) renewal this year? (tick all that apply)
The premiums have gone up significantly (+10%)
The excess has gone up significantly (+50%)
I have not be able to obtain PI cover for DB transfers
I haven’t undertaken my PI renewal yet
I had no problem getting PI cover for DB transfers with modest or little change to my premiums and/or excess
I don’t know – I’m not involved in PI renewals
Q5. What is your current view of the DB transfer market? (tick all that apply)
After a spike in transfer activity in the second half of 2017, the market has settled down and activity going forward will be more modest
I’m still getting to grips with all the regulatory changes (both confirmed and under consultation)
There is too much risk in DB transfers these days and I’ve pulled back my involvement
DB transfers are here to stay and activity will continue into the medium- to long-term
DB member demand for transfers has fallen
DB member demand for transfers has remained the same
DB member demand for transfers has increased