Achieving a Gold Standard in Pension Transfers

November 05, 2020 - Helen Ibbotson

We’re incredibly pleased to announce that both Paul Fazackerley and George Simpson have achieved Pension Transfer Gold Standard after going through a strict application process.  

What is the Pension Transfer Gold Standard?

Awarded by the Personal Finance Society (PFS), the Gold Standard is a voluntary code of good practice for Safeguarded and Defined Benefit Pension Transfer advice. It is based around a set of principles designed to empower clients and help give them a better understanding of what good advice looks like.

Advisers can adopt and promote this standard by adhering to these principles, so consumers can be more confident they are dealing with a firm that is going beyond minimum requirements when giving financial advice and a personal recommendation as to whether to transfer their pension.    

What are the nine principles?

  1. Helping clients understand when advice is appropriate
  2. Ensuring advice given supports the clients overall wellbeing in the context of their stated objectives
  3. Ensuring client understanding and acceptance of all charges
  4. Ensuring the most appropriate and updated technical skills are applied
  5. Transparent management of Conflicts of Interest
  6. Helping clients understanding the cost of transferring benefits
  7. Avoiding unregulated investments and introducers
  8. Transparency in advice processes and outcomes
  9. Promoting the Consumer Guide to the Pension Transfer Gold Standard

Why is the Pension Transfer Gold Standard important?

Paul Fazackerley, who has adopted the Pension Transfer Gold Standard, explains:

‘People can make expensive mistakes when it comes to transferring their pensions if they don’t fully understand the implications of doing this. The Pension Transfer Gold Standard’s intention is to help people find advisers that will offer high quality advice.’

‘By using an adviser who has committed to the Pension Transfer Gold Standard, you should have a clearer understanding of the quality of advice you can expect on your options for your pensions. Furnley House has strong values and we place clients at the heart of everything we do, aligning well with the nine principles.’

You can find out more about the Pension Transfer Gold Standard by reading their guide here: https://www.thepfs.org/media/10121194/c-users-apfsbens-downloads-ptgs-coh_j012483-pension-transfer-advice-consumer-guide-p1.pdf