PS20/06 introduced a number of changes relating to pension transfer advice, which came into force on 1 October 2020. One of these changes included the introduction of a new abridged advice process. During our DB transfer webinar held on 25 September, several questions were raised specifically relating to abridged advice, which we have addressed below.
Put simply, abridged advice allows you to provide a shorter, less costly advice process to your clients before full pension transfer advice is given. Abridged advice can only result in two outcomes:
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