The Financial Conduct Authority (FCA) has published a 17 minute long video on its website explaining the process of defined benefit pension transfers for consumers.

The FCA said the video will be helpful for those who have transferred out of their DB pension and are unclear whether they received good quality advice – including former members of the British Steel Pension Scheme.

It will also be of interest to those who are considering transferring out of a DB pension scheme and want to understand what the process should look like before they start.

The video outlines the process that financial advisers should follow when providing consumers with advice on whether to transfer a pension. It highlights the key information advisers should provide savers with and the questions they should ask.

This includes disclosing the cost of financial advice, asking questions a consumer’s personal situation, carrying out research, and explaining any ongoing services which they recommend.

The video can be viewed here.

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