British Steel Pension Transfer

Firms must correctly apply the FCA's BSPS Defined Benefit Advice Assessment Tool according to the redress scheme rules when reviewing pension transfer advice.

Firms must follow FCA redress scheme rules when reviewing BSPS pension transfer advice, including correctly applying the DBAAT assessment tool and basing loss calculations on actual rather than hypothetical values.

A financial adviser must ensure pension transfer advice is suitable having regard to the consumer's circumstances, the critical yield required, and the viability of matching defined benefit scheme benefits.

Firms must correctly apply the FCA's DBAAT tool and redress scheme rules (CONRED 4) when reviewing the suitability of defined benefit pension transfer advice.

Firms must follow FCA redress scheme rules and use the DBAAT tool correctly, with proper documented reasoning when overriding suggested unsuitable ratings.

Firms must correctly apply the FCA's BSPS Defined Benefit Advice Assessment Tool and redress scheme rules when reviewing suitability of pension transfer advice.

A transfer of defined-benefit pension benefits must be suitable for the individual's circumstances, taking into account their attitude to risk, financial needs, and the critical yield required to match the benefits being given up.

Firms must correctly apply the FCA's BSPS redress scheme rules and DBAAT assessment tool when reviewing suitability of pension transfer advice to former BSPS members.

A transfer out of a defined benefit pension scheme must be suitable based on the consumer's circumstances, objectives and the scheme's guaranteed benefits, assessed in accordance with FCA redress scheme rules using the DBAAT tool.

Firms must follow the FCA's BSPS redress scheme rules and use the DBAAT assessment tool correctly, with a starting assumption that remaining in the DB scheme is suitable unless clearly demonstrated otherwise.

Under the FCA's BSPS redress scheme, firms must assume a defined benefits pension scheme is suitable unless they can clearly demonstrate a transfer is in the consumer's best interests, applying the DBAAT assessment tool correctly.

A pension transfer advice recommendation must be suitable based on the member's circumstances, particularly regarding their income needs in retirement and their risk profile relative to the security of their defined benefit pension.

Advice to transfer from a defined benefit pension scheme must be suitable based on the consumer's circumstances, needs, and objectives at the time of advice.

Pension transfer advice must be suitable having regard to the consumer's circumstances, objectives, and the regulatory framework for assessing defined benefit pension transfers.

BSPS redress calculations must use normal retirement age of 65 unless rebutted by specific evidence, and initial adviser charges must be included unless future advice arrangements are already in place.

Firms must apply the FCA's BSPS redress scheme rules correctly, including using the correct valuation date and comparing the transferred value against the pension plan value on the specified assessment date.

A firm must correctly apply the FCA BSPS Consumer Redress scheme rules and calculator to determine whether unsuitable pension transfer advice resulted in quantifiable financial loss.

A complaint about pension transfer advice given more than six years previously cannot be revisited by the ombudsman where the consumer accepted compensation offered through the industry-wide Pension Review process.