Next Generation Technical Support

Financial Advisers

Defined Benefit Service

Defined Benefit Process

QB Partners are extremely well placed to assist  advisers in ensuring that their clients who are considering transferring out of a UK defined benefit scheme have access to the UK regulated advice that is required by law as from 6 April 2015.

Our Specialist Adviser Service consists of a panel of UK IFAs with the appropriate qualifications and permissions to provide advice on defined benefit transfers. Following an initial enquiry from an introducing adviser, QB Partners will provide details of an appropriate UK IFA from this panel. Following this, QB Partners will liaise with the introducing  adviser and their client to ensure that the fact find and accompanying documentation are completed to allow the UK adviser to give the appropriate advice.

The UK adviser will take full responsibility for the transfer advice and transact the transfer through to completion.

What is the process and cost?

On completion of a fact find pack, terms of engagement and letter of authority, the UK adviser will liaise with the UK defined benefit scheme(s) to obtain the information required to produce a transfer analysis and to provide the regulated advice. If the advice is to transfer to an alternative pension scheme the UK adviser will transact the transfer through to completion.

The cost of the advice for transfers below £700k is 3% with a maximum of £10,500. The cost of the advice for transfers above £700k is 1.5% with a maximum of £22,500.
This fee will be deducted from the transfer upon completion. An upfront fee is payable for the transfer analysis of up to £500 plus VAT.

Please see the attached PDF for more details.

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