Enhanced transfer values — some findings
The Financial Conduct Authority (FCA) published its thematic review into ‘enhanced transfer value pension transfers’ last month.
Of the sample bulk transfer exercises reviewed, the FCA found that in a third, the advice given to customers moving from defined-benefit (DB) pension schemes to defined-contribution (DC) schemes was not suitable, although the failings were not equally spread across the financial advisory firms.
This finding comes at a time when major reforms in the DC space are on the horizon and the government has decided that private sector DB to DC transfers will remain possible…
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This was the finding of the High Court following an appeal by the losing party from a master’s decision that relief should be granted.
The courts have said that any employee who receives commission and/or overtime should have that taken into account for their statutory holiday pay.