Quick answer: A Pension Transfer Specialist (PTS) is an FCA-regulated adviser with the Level 6 AF7 Pension Transfer qualification — the only advisers legally allowed to recommend a defined benefit transfer in the UK. There are around 4,000 in the country. Verify any specialist on the FCA Register (both the firm and the individual must be authorised).
Why you need one
Under the Pension Schemes Act 2015, transferring out of a DB pension worth over £30,000 legally requires advice from a PTS-qualified adviser — the receiving scheme can't accept the transfer without written confirmation. The rule doesn't apply to DC-to-DC transfers, however large.
How to find one
- PensionHelper matching — free 60-second match to a PTS specialising in your scheme type
- FCA Register — search at register.fca.org.uk; PTS authorisation shows on the individual's record
- Professional bodies — Personal Finance Society, CISI
Questions to ask before engaging
- How many DB transfers have you advised on in 3 years?
- What % of your transfer advice is a positive recommendation? (Healthy: 20–30%.)
- What's your total all-in fee, and is it contingent on proceeding?
- Independent or restricted?
- What's your professional indemnity cover?
Red flags
- Cold calls or unsolicited emails (illegal since 2019)
- Pressure to decide quickly
- "Free pension review" with no fee discussion
- Recommending exotic investments inside the new SIPP
- Not listed (or not PTS-authorised) on the FCA Register
How they're regulated
The FCA supervises all PTS advisers under COBS 19, the Senior Managers regime, and FSCS protection (up to £85,000 if the firm later fails). Always confirm authorisation before paying anything.
Frequently asked questions
A Pension Transfer Specialist (PTS) is an FCA-regulated financial adviser who has passed the Level 6 CII AF7 Pension Transfer qualification (or older G60/AF3). Only PTS-qualified advisers can legally recommend defined benefit transfers in the UK.
Approximately 4,000 PTS-qualified advisers across the UK as of 2026. Numbers have declined since 2018 as FCA scrutiny increased and many firms exited the DB transfer market.
Search the FCA Register at register.fca.org.uk. The individual's record will note 'Pension Transfer Specialist' under permissions. Both the firm AND the individual need to be authorised.
Typical UK PTS fees range £1,500–£10,000 depending on transfer value. Some charge a percentage of CETV (1-3%), others a fixed fee. Initial consultations are usually free.
Some PTSs offer 'contingent charging' — fees only if you proceed. The FCA banned contingent charging for most DB transfers in 2020, but allows it where the consumer wouldn't otherwise access advice. Specialists offering this are now rare.