SRC Wealth Management | a Chartered Financial Planning company that provides specialist advice on defined benefit pension transfers

Advice not required for Small Safeguarded Pots


The Government has announced that from April 2018, savers whose small pension pots have a guaranteed annuity rate (GAR) will no longer be required to seek advice before transfer.  It's estimated that as many as 12,000 people a year could benefit from this rule change.  Currently anyone with a pension pot worth less than £30,000 that has a GAR attached needs to seek financial advice before transferring.  In future a warning document will be issued to the scheme member giving them information about the key benefits they will be giving up by transferring out.