This guidance relates to pension transfers from schemes with safeguarded benefits, for example, DB pension transfers.
This guidance only applies if your firm gives advice to clients on:
- Pension transfers from a scheme with safeguarded benefits.
- Pension conversions.
- Pension opt-outs from schemes with safeguarded benefits (or potential safeguarded benefits).
Although this guidance applies equally to pension transfers, conversions and opt-outs, unless noted otherwise we refer to these type of transactions collectively as pension transfers.