One in 20 (4%) defined benefit (DB) pension schemes remained open to new members in 2023, new data published today by The Pensions Regulator (TPR) shows.

The FCA has launched a Defined Benefit Advice Assessment Tool to help advisory firms understand how the regulator checks the suitability of Defined Benefit pension transfer advice.

In the final report of its inquiry into pension freedom and choice, the Work and Pensions Committee calls for a simple package of measures to create better informed, more engaged pensions savers – and offer a default decumulation pathway to protect the less engaged.

There isn’t anything wrong with a defined benefit transfer for the right person at the right time for the right reasons, but it is a complex decision. So rightly, I believe, there is the advice requirement but this can cause issues for those that can’t afford to pay for advice.