PENSION TRANSFER GOLD STANDARD

Grove Pension Solutions has adopted the Personal Finance Society’s Pension Transfer Gold Standard initiative.

GOLD STANDARD CONFIRMATION

What is the Pension Transfer Gold Standard?

The Gold Standard is a voluntary code of good practice for Safeguarded and Defined Benefit Pension Transfer advice, based around a set of principles. Financial advice firms can adopt and promote this standard by adhering to these principles, so consumers can be more confident they are dealing with a firm that is going beyond minimum requirements when giving financial advice and a personal recommendation as to whether to transfer their pension.

PENSION TRANSFER GOLD STANDARD

The nine principles

  1. Helping clients understand when advice is appropriate
  2. Ensuring advice given supports the clients overall wellbeing in the context of their stated objectives
  3. Ensuring client understanding and acceptance of all charges
  4. Ensuring the most appropriate and updated technical skills are applied
  5. Transparent management of Conflicts of Interest
  6. Helping clients understanding the cost of transferring benefits
  7. Avoiding unregulated investments and introducers
  8. Transparency in advice processes and outcomes
  9. Promoting the Consumer Guide to the Pension Transfer Gold Standard

Why has The Pension Transfer Gold Standard been created?

The Gold Standard is primarily about empowering consumers and setting clear expectations of what to expect from financial advice. The success of this initiative will ultimately be measured against the practical extent to which it helps consumers understand what they should expect from good quality advice, how to recognise it and how to access it.

In recent years the increased complexity of the pension landscape has continued to present challenges to financial advisers and consumers alike. Whilst many consumers have been positively affected by the introduction of pension freedoms, it has also resulted in unintended and negative consequences, particularly in respect of defined benefit pensions.

PENSION TRANSFER GOLD STANDARD RESOURCES

Our responsibility for being members of The Transfer Gold Standard initiative, we give clients better understanding of good advice, so they can be confident they are dealing with a firm that is going beyond minimum requirements when giving financial advice.

Downloads

Here you will find some useful information when making your decision about transferring your pension:

1. Pension Transfer Gold Standard Consumer Guide

2. Alternatives to Early Pension release

3. Defined Benefit & Safeguarded Benefits Pension Schemes – an explanation

4. Guaranteed Date Risk- Defined Benefit Pensions

All downloadable documents above are provided in PDF format and require a PDF viewer such as Adobe Acrobat to open them.

Video Guide

Independent video guide on the risks of Defined Benefit Pension Transfer.

PENSION TRANSFER GOLD STANDARD CONFIRMATION

As part of The Transfer Gold Standard initiative we need clients to confirm they have read the four guides and watched the educational video. Please fill in the form to confirm.

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GROVE SUPPORTED CHARITIES

Grove actively support the following charities and institutions

Livability
Libra
Libra
Bromley Mencap
Aquaid