Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what his Department's policy is on obtaining pension transfer reports when making transfers from defined benefit schemes; and if he will make a statement.

Since April 2015, individuals with defined benefit (DB) pensions are legally required to take independent financial advice from an adviser authorised by the Financial Conduct Authority before transferring or taking their savings as a cash lump sum, if the total value of their benefits is above £30,000.

This requirement reflects the fact that DB pensions offer a high level of security that should not be relinquished without fully understanding the risks of doing so.