Across the UK requests for Final Salary Pension Transfer are at an all-time high.
Due to a number of economic factors, individuals with Final Salary Pensions have seen their transfer values soar over the last couple of years. Coupled with the drastic changes to Pension Freedoms announced by the chancellor in 2015, Financial Advisers have seen an influx of requests to transfer out from Final Salary Pension Schemes. Many individuals (and sadly some advisor firms who are not qualified to offer Pension Transfer advice) do not understand the complexity or risk involved with these kinds of transfers. We have written this guide to help those considering a transfer, it contains vital information that you will need to consider before you make your decision.
Anyone who currently has a Defined Benefit Pension also known as a Final Salary Pension, whether with an existing or previous employer and who is deciding whether to transfer out of their Final Salary Pension Scheme.
Each chapter can be read individually, but to get the most out of the guide, you should read it from start to finish, take notes, and make a list of questions to ask your financial adviser when you speak to them. You can also bookmark the guide and come back to it for reference as needed.
It is important to understand that this guide does not constitute personal advice, nor should it be treated as such. It is provided for general information and it is vital (and in most cases a regulatory requirement) that you contact a Qualified Pension Transfer Specialist for personal financial advice and obtain a recommendation to transfer before opting out.
If you would like to speak to an Independent Financial Adviser (IFA) who is also a Qualified Pension Transfer Specialist for personal financial advice, please contact us to arrange a free initial call where we will discuss your suitability for Pension Transfer and explain the next steps.