Contingent charging led to doubled rate of DB transfers

Information request to FCA reveals ‘dramatic difference’ in client decisions

James Phillips
clock • 1 min read
Contingent charging was banned last year
Image:

Contingent charging was banned last year

Around 70% of clients who employed advisers with a contingent charging model chose to transfer their defined benefit (DB) pension, more than double the rate of those who chose the opposite structure, Lane Clark & Peacock (LCP) found.

A Freedom of Information (FOI) request to the Financial Conduct Authority (FCA) by LCP found that 68.25% of contingent charge clients chose to make the transfer, compared to 27.97% in the opposite ...

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James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

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