XPS Pensions Group has welcomed a proposed consultation from the Department for Work and Pensions (DWP) on DB pension scheme consolidation.

A survey of around 400 financial advisers has found “huge variations” in the way firms carry out an initial ‘triage’ process when clients ask about pension transfers. 

A document, released under freedom of information laws, has shown The Pensions Regulator has called on pension schemes to cut transfer values.

Insurance broker business leaders have warned IFAs to take action now to ensure they give themselves the best chance of securing compliant cover at their next renewal date.