Defined Benefit  

The FCA has pension transfer changes in sight

“[The IFA] might go back to the client after the TVAS is done to say, the yield you would need to achieve, means you might need to invest in really high-risk stuff, which is beyond your attitude your risk and capacity for loss.”

Mr Brown added: “It is critical that the information used to prepare a TVAS report is appropriate for the transaction taking place and if there are any changes to the solution being provided then the analysis should be redone.

“For this reason, if a transfer specialist is used by an adviser, it is crucial the transfer specialist sees the transaction that takes place matches the report they prepared.”

While the industry awaits the publication of the FCA’s guidance paper, what is clear is that if anyone thought the regulator was going to go soft on DB transfers this year, they were clearly mistaken.

Ima Jackson-Obot is a features writer of Financial Adviser