Five ways international pension transfers are changing
By Will Grahame-Clarke, 14 May 18
Pension transfers are “good business for good advisers”, according to Old Mutual Wealth, which has produced a five step best practice guide for international advisers.
Suitability and personal recommendation
It is no longer appropriate to just run the numbers, the pensions transfer specialist has to give a personal recommendation, which has to take on board all the information the overseas adviser has.
If there is any difference of opinion between the international adviser and the specialist, it needs to be ironed out and put in writing.
“It is challenging because often the specialist will recommend against transferring but, you the adviser, with specialist knowledge of the (individual) situation, believe a transfer is appropriate,” said Denton.
Tags: DB pensions | Old Mutual
Christopher Lean says:
This assumes that there will be sufficient UK advisers either willing or, indeed, able to advise on DB transfers, particularly for non-UK advisers. Many will not have yet had their PI renewal terms. Far from an increase in transfers, there may be a levelling off or a decrease.