Closed petition Allow opt out from financial advice for old Defined Benefit schemes under £250k

Closed on 30 May 2024

There's no requirement for financial advice for members of DC schemes, the same should apply to small old DB schemes for funds under £250k to transfer to DC schemes. The cost of financial advice represents an unfair percentage of small funds and discriminates against members of small old DB schemes.

Members of retirement age should be allowed to opt-out from this mandatory advice to achieve financial flexibility and be able to better adapt to changing life priorities.

We shouldn’t be forced to accept a small income from annuity which is lost on death when a transfer option is more beneficial and we shouldn’t be forced to pay for services we don’t want or need as no financial advisor can predict the future.

Please sign this petition if you believe in true and genuine Pension Freedom, fair treatment, right to own responsibility and autonomy over personal finance decisions.