As a general rule, most financial advisers would not recommend transferring pension funds from a defined benefit scheme to a defined contributions one. In the past, concerns over taking such a course of action have been expressed by both the Pensions Regulator and the FSA. But according to John Lawson of Standard Life, as reported in moneymarketing.co.uk, there can be advantages for certain people, particularly in terms of flexibility.
However, it can still be a risky think to do. That’s why providing advice in this area is only allowed if you hold the necessary qualifications. And why, even if you are skilled and fully competent, you’ll probably have to pay higher premiums for your professional indemnity insurance.
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