British Pensions Advisers Braced For Wave Of Transfers
Law360, London (September 3, 2020, 2:28 PM BST) -- The Personal Finance Society has warned advisers to expect a surge in pension transfer requests toward the end of the year, as widespread unemployment prompts savers to raid their retirement pots for cash.
In a move to meet the demand, the standards body has asked the government to provide an alternative to professional indemnity insurance. The average cost of the cover has risen so much that many companies have stopped offering pensions transfer advice.
The chief executive of the society, Keith Richards, said in a letter to members on Tuesday that approximately 6.5 million Britons could lose their jobs as a result...
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