FCA publishes video to help consumers understand pension transfer advice

Our video aims to help consumers better understand financial advice on transferring out of a defined benefit pension.

Video: defined benefit pension transfer process explained (17 minutes)

The video will be helpful for those who have transferred out of their defined benefit pension and are unclear whether they received good quality advice – including former members of the British Steel Pension Scheme. It will also be of interest to those who are considering transferring out of a defined benefit pension scheme and want to understand what the process should look like before they start.

View silent version of video

The video outlines the process which financial advisers should follow when providing you with advice on whether to transfer your pension. It highlights the key information they should provide you with and the questions they should ask. This includes disclosing the cost of financial advice, asking questions about your personal situation, carrying out research, and explaining any ongoing services which they recommend.

If you are concerned that the financial advice you have received was not suitable, in the first instance you should raise these concerns with the firm who provided the advice.  If you are dissatisfied with the response from the firm, you should contact the Financial Ombudsman Service which is the independent arbitrator of complaints.  If the firm who gave the advice is no longer trading as a result of insolvency, you should contact the Financial Services Compensation Scheme (FSCS).

For more information for consumers see pension transfers

This video is not intended to provide guidance for firms. See our information for firms on defined benefit transfers.