Pension Transfers – what you should know

Defined benefit pension or final salary pensions are among the most generous of pension scheme arrangements. They provide scheme members with a guaranteed income at retirement based on a mixture of years worked and final salary. 

Depending on individual circumstances, it is usually wise to continue with this but for those in poor health, looking for greater flexibility or those wishing to pass on their pensions to their loved ones, it may be that it would make more sense to consider a transfer.

Please be aware that those with a defined benefit pension worth upwards of £30,000 are not permitted access without first getting financial advice.  This is to prevent giving up a valuable pension without fully understanding what it is worth and before checking that this is the right course of action.  It has been reported in the Press that the number of Pension Transfer Advice Specialists operating in this key financial area has halved since late 2018.

We at Iceni Financial Advisers are fully regulated and are Pension Transfer Advice Specialists.  We are independent and not tied to any provider, so we have access to the whole of the market which you can be assured means our advice will always be the best for you and your needs.

For more information on defined benefit pension transfers.

For a Free Initial Consultation  please contact us 

 

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