Part 2: Financial Services Section 34: Independent advice on conversions and transfers of pension benefits: appointed representatives
This section makes a technical amendment to the Pension Schemes Act 2015 ("the 2015 Act") to allow 'appointed representatives' of authorised financial advisers (a class of persons exempt from direct regulation by the FCA or PRA pursuant to section 39 of FSMA) to advise on the conversion and transfer of safeguarded benefits – features of certain pensions, such as defined benefit pensions, and pensions with Guaranteed Annuity Rates – to flexible benefits for the purposes of the 'advice safeguard' established in sections 48 and 51 of the 2015 Act. The section also amends the Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001 (S.I. 2001/1217) to the same end.