The Gold Standard is designed to improve the quality and coherence of pensions transfer guidance across the advice sector.

The Pension Transfer Gold Standard was produced by the Pension Advice Taskforce and launched in April. It defines nine key principles of good practice for advising on pension transfers.

Keith Richards, chief executive of the Personal Finance Society and chair of the Pension Advice Taskforce, which produced the standard, said: “The overwhelming response and adoption of the Gold Standard represents the professionalism of the majority who are passionate about their profession, but who also recognise that we need to be more united behind the best outcomes for the public, not just the clients who already trust us.

“The Pension Transfer Gold Standard helps consumers better understand what good advice looks like and where they can find it. We believe Pension Transfer Gold Standard will represent significant progress towards avoiding a repeat of negative events such as the British Steel debacle of 2018.”

Mark Pearson, director of business development for Origen Financial Services, one of the advice businesses signed up to the standard, said: “Setting advice and behaviour standards and providing clarity for customers is a key responsibility of all advice firms, even more so on complex and life changing decisions such as when assessing final salary benefits. 

“Origen are proud to have contributed to the creation of this Gold Standard and it is already clear from the feedback we have received from members of final salary schemes that this provides them with additional confidence when engaging with an advice firm.”