In response to the news that the FCA is to review overly burdensome retirement regulation, certain transfers need a good examination to enable IFAs to give clients what they want under the new freedoms.
I had a client who had a with profits guaranteed basic pension plus bonuses and a transfer value of £140,000. He needed a recommendation to use the transfer value for a perfectly good reason. We could not give the recommendation due to the guarantee. We could give a detailed report confirming his understanding but his existing Sipp, on which he was non-advised, would not use the insistent client route. Therefore, he is stuck with something he does not want or need.