Indeed, if you have defined benefit assets that have a cash equivalent transfer value higher than GBP 30,000 it is mandatory for you to obtain UK Regulated advice before a transfer can proceed. This would come in the form of a Defined Benefit Analysis Report, otherwise known as a DBAR. As mentioned above, pensions can be complex and contain many nuances.
There are generally significant differences between schemes and the DBAR must be written by somebody who is a specialist within this area and has been authorized by the Financial Conduct Authority to give such advice. In order to obtain this authorization and, importantly, keep it, the advisor must have a stringent set of pre requisite qualifications, approach each case completely independently, follow strict guidelines laid down by the FCA and adhere to rigid CPD criteria in order to maintain their permissions.