Personal PensionJul 27 2015

Hargreaves halts advisory work for pension transfers

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Hargreaves halts advisory work for pension transfers

Stockbroker Hargreaves Lansdown has stopped taking on advisory work for pension transfers after reaching capacity following the introduction of the pension freedoms.

The firm confirmed that it is now turning away clients trying to meet a legal obligation to obtain professional advice on transfers of pensions with “safeguarded benefits”.

Since the pension changes came into force in April, Hargreaves said it has seen advice requests more than double.

According to Laith Khalaf, senior analyst at the firm, it stopped accepting clients for pension transfer advice a couple of weeks ago because it is running at capacity.

The halt is expected to be temporary and it is likely that the service will re-open in the coming days and weeks, as opposed to weeks and months.

Earlier this month, the Bristol-based firm Hargreaves said it will be responsible for administering Jupiter’s retail investment trust savings and Isa schemes after the fund manager decided to withdraw from administering them.

ruth.gillbe@ft.com