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Your Final Salary Advice Checklist

    Final Salary Advice Checklist
    Chapter 6 Final Salary Advice Checklist. A comprehensive guide on Final Salary Pension Transfer from a Pension Specialist IFA.

    Get Informed

    If you are considering transferring your Final Salary Pension and it’s worth more than £30,000, you will need to assess your financial situation with a Qualified Pension Transfer Specialist.

    Your suitability to transfer your pension will be based on your own set of personal circumstances and your financial objectives for retirement. If you are married or in a civil partnership, it is essential to involve your spouse in the advice process as your decisions will also affect their financial future. We’ve put together a Final Salary Advice Checklist to give you an idea of what should be covered when you seek advice on transferring your final salary pension.

    When talking to your Financial Advisor/ Pension Scheme Administrator:

    • Ask for a full explanation of the pension and cash sum benefits you will leave behind if you leave your final salary pension, including your options for early and late retirement.
    • You should receive a full explanation of the options open to you (along with the governing rules and tax treatment) for the personal pension fund that may be created for you after the transfer.
    • Ask for a full explanation of the key risks associated with transferring into a personal pension fund, as well as the risk of remaining in your current scheme.
    • Request a personalised critical investment return assessmentThis will look at what investment return is requiredby your new personal pension fund to match the final salary pension you would leave behind.
    • If you have a larger transfer value, or if you have opted for protection against the Lifetime Allowance, ask for an explanation as to how the Lifetime Allowance impacts your pension fund. Ask about any changes to your protection that might be caused by the pension transfer.
    • If you are married or living with your partner, it is important to involve them in the process from an early point as this decision is likely to affect the financial future of you both.
    • Given your unique set of personal circumstances, and considering your future financial objectives, ask the adviser if, in their opinion, a final salary pension transfer is a sensible transaction for you. In order for your advisor to respond they will need to:
      • Understand your (and your family’s) financial position.
      • Make sure that you (and your spouse if applicable) have the financial resources to tolerate the risks implicit in transferring out of a final salary pension to a personal pension
      • Make sure you (and your spouse if applicable) are comfortable with those risks.

    In the next chapter we set out the Final Salary Transfer process that we use with all 2020 Financial Ltd customers. For a list of questions that you will be asked, please refer to our Final Salary checklist.

    Simon Garber

    Simon Garber

    Simon Garber is an Independent Financial Adviser and Pension Transfer Specialist with over 15 years of experience. He's a member of the Personal Finance Society and holds the coveted Gold Standard for Pension Transfer Advice.

    He is the Managing Director of 2020 Financial Ltd, Financial Advisors specialising in Retirement Planning & Wealth Management, based in Southampton, Hampshire.

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