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Breaking News Pension Update
More breaking news on pensions as the government puts regulation in place to protect anyone looking to transfer their pension out of a defined benefit scheme. As of last week, an amendment to the Pensions Schemes Bill 2014-15 in the House of Lords has specified that anyone seeking to transfer out of a defined benefit pension scheme has to seek advice from a pension adviser who is FCA regulated. The order was brought to the house by Liberal Democrat Lord Newby and as a result, from April when the new rules allowing for pension flexibility is introduced, anyone able to advise on defined benefit pensions will have permission under part 4A of the Financial Services and Markets Act 2000. A requirement will be made via a statutory instrument amending the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. The changes apply to all schemes valued at over £30,000. Clare Bruce, APFS Chartered Financial Planner with Guardian Wealth Management welcomes the move entirely she said, “GWM is very happy to hear of these changes as we are passionate about quality financial advice for all. It has always been very important for anyone with pensions in place to seek financial advice. At GWM we look at every pension transfer to FCS standards and have always done so. Final salary schemes are no longer the ‘gold plated’ option they may once have been, as the benefits of a private plan have been greatly improved. We are seeing an undeniable increase in clients wishing to move their final salary plan. Regulation is in place for very good reason, we at GWM are extremely proud of the stringency of the FCA and will continue to offer sound regulated advice to everyone we work with.” “This change will no doubt affect those living and working offshore who do not have access to an FCA regulated adviser. Many offshore advisers do not have an FCA regulated arm in the UK in order to deliver the appropriate advice to their clients. At GWM, we have a UK based specialist pension support team, qualified to the highest standards and ready to deliver advice wherever you are in the world. GWM began as an FCA regulated organisation in the UK and have expanded globally over the last twenty years, now with key offices in Geneva, Hong Kong, Qatar, Dubai and London and are regulated in all jurisdictions in which we operate.” Our offshore pension transfers are treated with the same importance as any in the UK and all advice is overseen by a chartered specialist in the UK. Chartered status really is the gold-standard of financial advice. With GWM, wherever you are in the world and whatever assistance you need, we will support you to the highest standards, as defined by the FCA. We are happy to see the grips of regulation tighten and as ever cannot stress enough the importance of seeking out regulated advice wherever you are in the world. You wouldn’t trust an unqualified doctor with your health, do not trust an unqualified advisor with your wealth. For more information or to hear how we can help you, get in touch today: General Enquiries +44 800 779 7028 Switzerland +41 22 710 7864 Dubai +971 4450 9700 Hong Kong +852 3796 3555 Qatar +974 4491 5355 United Kingdom +44 1302 703 2128

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