Dronfield-based chartered financial planners, Belmayne, are among the first firms in the region to sign up to a new professional code of practice governing pension transfers.
The independent advisers are pledging their support to the Pension Transfer Gold Standard, a voluntary code of practice created by the Pension Advice Taskforce.
The standard is intended to reassure consumers that accredited firms are providing appropriate and transparent pension transfer advice, based on nine key principles. They must also prove they have the relevant regulatory permissions, no ongoing sanctions and adequate professional indemnity insurance.
Martin Birch, a partner at Belmayne, said: “Deciding how to draw money out of your work pension is now the biggest financial decision of most people’s lives and getting it wrong can have disastrous consequences for retirement. We wholly support the introduction of a professional benchmark and are proud to hold the Gold Standard. It will help clients understand what good advice looks like and instil confidence in firms, like ours, that already go far beyond the minimum requirements expected by our regulators.”
The Pension Advice Taskforce has produced a Consumer Guide to the Pension Transfer Gold Standard to help individuals make informed decisions about moving pension benefits.
