Petition · past parliament · Department for Work and Pensions
Allow opt out from financial advice for old Defined Benefit schemes under £250k
Closed
35 signatures
What the petition asks
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.
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.
Timeline
| 20 Dec 2023 | Petition opened for signatures |
| 29 May 2024 | Closed to new signatures |
Key facts
Signatures
35
Status
Closed
Department
Department for Work and Pensions
Opened
20 Dec 2023
Closed
29 May 2024
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Source: the official petition page. Last checked 15 Jul 2026.