Final Salary Pension Transfer Advice

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Considering a final salary pension transfer?

Our pension transfer specialists can offer full analysis and advice for final salary pension transfers. They can assess your Cash Equivalent Transfer Value (CETV), the benefits you may be giving up and identify whether a transfer to a Defined Contribution Pension would be in your best interests.

Get the right transfer advice

With high transfer values and the promise of tax-free cash at 55 a transfer might seem tempting but Pension transfers are not right for everyone. It's important you understand the risks and benefits before you transfer.


Reasons you might transfer...

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    You want to retire early

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    You want to access your tax-free cash from age 55

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    You can make better use of your money outside of a defined benefit pension arrangement

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    You want to manage your wealth and legacy in a more tax efficient way


Reasons you should stay...

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    You are reliant on this pension to provide for you in retirement

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    You're uncomfortable with investment risk

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You could run out of money in retirement

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    You will lose valuable benefits by transferring

Speak to a Pension Transfer Specialist

No commitment, no hard sales, just a quick chat with one of our experts to see if we can help

Specialist pension transfer advice & analysis

You need the right advice because pension transfers are a risky area and wrong decisions are costly and irrevocable.
 Our detailed analysis will help you assess your options and decide if a Final Salary Pension Transfer is right for you. 
We have the expertise and technology to help you make a better financial decision.

Our transfer specialists can provide

  • Tailored reports and expert advice
  • Investment strategy stress testing 
  • A seamless transfer process 
  • Ongoing financial advice

We offer full financial & retirement planning to help you make the most of your final salary pension. 


Final Salary Pension Transfers are complex but they needn't be confusing


Meet our Pension Transfer Specialist

We don't believe in generic robo-advice, middle-men or frustrating call centres. We believe you deserve expert tailored advice to help you make the right decision, so you'll always deal directly with Simon Garber, our qualified pension transfer specialist.

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    Pension Transfer Specialist since 2007

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    Expert in Defined Benefit Pension Transfer

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    FCA Regulated, Independent Advice

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    5* Rated Customer Service

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    Gold Standard for Pension Transfers

Tailored pension transfer advice

Our Independent pension transfer advice is designed to help you meet your goals in the best way for you, whether that’s exploring your options within your scheme or moving your pension to a defined contribution arrangement.

pension transfer analysis


First we start with understanding you and where you want to be.

We’ll discuss your goals, talk about the risks and benefits of pension transfer and carry out a detailed fact-find and analysis to see if transferring is really in your best interests.

pension_ transfer report _recommendations


You'll receive an in-depth report that assesses your suitability to transfer based on your goals, risk assessment and your personal and financial situation.

You'll receive suggestions for alternative courses of action & our expert recommendation.

Ongoing financial advice & transfer management


If appropriate and if you decide to go ahead with transferring your pension, we will seamlessly manage your transfer to your recommended arrangement, offer regular portfolio rebalancing and provide ongoing advice & support to ensure you stay on track.

Download our free expert guide to

Final Salary Pension Transfer

Is a transfer really right for you? Uncover everything you need to know before you decided transfer your pension.

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Client Testimonial

Leo Ruscillio

"...I feel very confident that my financial affairs are being looked after."

Excellent advice given in a friendly and professional manner. I feel very confident that my financial affairs are being diligently and expertly looked after.

LEO RUSCILLO, Defined benefit transfer

Frequently Asked Questions

Pension transfer timescales - How long does a pension transfer take?

Once you receive your CETV (cash equivalent transfer value, you have 3 months in which to decide whether you will transfer or not before that offer expires. It’s important that you factor in the time it will take to receive the advice you need. Ideally before or as soon you receive your CETV.

Across the industry it’s not uncommon to hear of defined benefit pension transfers taking up to 6 months, sometimes longer.

Our streamlined process is far quicker than that and we can usually turn around your report and transfer recommendation in around 3-4 weeks as long as we have all of the information we need.

It’s an in-depth process, but since you’ll always deal directly with our Qualified Pension Transfer Specialist, there won’t be any unexpected delays from our end.

However, you should be aware that we may need to request additional information from your pension trustees in order to provide you with the advice you need and this may cause delays which are beyond our control.

Delays in the pension transfer advice process could cause you to miss your CETV transfer deadline and will result in you having to request a new transfer value. Transfer values are subject to change so this could work for or against you.

There are a number of other factors that can affect how long a pension transfer might take including:

How quickly you respond to requests for information and how complete that information is.

How quickly Pension trustees respond to requests for information

How quickly pension trustees and associated pension companies action any request for a transfer

Pension trustees and pension providers in general, are not known for their fast turnaround times. Because of this we have a dedicated team who will chase your case daily if needed.

Can i transfer my pension myself?

If your Final Salary pension is worth less than £30,000 you are free to transfer your pension yourself without seeking advice.

If your transfer value is higher than £30,000 then it is a regulatory requirement that you seek ‘appropriate’ advice from a qualified pension transfer specialist. This means they will need to provide you with an in-depth report exploring your suitability to transfer and a personal recommendation to transfer or not.

Things a pension transfer specialist will consider:

  • Your age
  • Your financial situation and obligations
  • Your long-term goals and motivations for transfer
  • Any retirement plans you have
  • Your general health and life expectancy
  • Previous Investment experience
  • Your understanding of and suitability for the risks involved in pension transfer
  • Future Investment strategy


Almost all of the big pension providers and platforms now require you to have a positive recommendation to transfer. Which means, if a pension transfer specialist has deemed it not in your best interests to transfer, you may find it difficult to transfer your pension yourself.

Whilst this might seem frustrating, these rules are designed to protect you and your pension in the long term.

How much does a pension transfer cost?

Transferring your Final Salary Pension to a personal pension arrangement may give you access to a large lump sum and offer you the freedom to invest and spend your pension pot as you see fit, but there can be significant costs and fees involved.

The full cost of a Final Salary pension transfer will depend on a number of factors:
● How much your pension is worth
● How much you pay for pension transfer advice,
● The costs of ongoing investments post transfer including any ongoing advice fees.

The value of your pension will usually affect how much a transfer costs you, since most work of this kind operates on a percentage of the value of your fund.

The cost of Pension transfer advice can range from advisor to advisor, so it’s worth shopping around to find the best deal for you, taking into account future advice costs and the costs of recommended products and associated platform charges.

Changes made by the Financial Conduct Authority in 2020 mean that contingent charging has now been banned. This means that you must be charged the same amount for advice whether you are recommended to or choose to transfer or not.

Regardless of who manages your money post-transfer you’ll be subject to investment costs depending on which investment products you choose.

Should I transfer my final salary pension?

For the vast majority or people, the answer to this question is generally, no. Final Salary Pensions provide valuable benefits that will be lost if you transfer out. And these benefits usually cannot be replaced on a like-for-like basis. For most people a Defined Benefit pension transfer is not in their best interests.

That said, whether or not you should transfer is entirely dependent on your individual circumstances and goals. It’s not possible to give you an answer to this questions without doing a full analysis of your situation.

As general guidance though there are factors that will make it more or less likely that a transfer would be suitable for you, which you can consider before you explore further.


  1. Are you married or do you have dependent children?

    Defined benefit pensions don’t just provide a guaranteed income for life for you, DB schemes usually provide a survivor’s pension for your spouse or dependent children.

    If you’re not married and you don’t have any dependent children any money you’ve accumulated in your pension gets absorbed back into the pension scheme if you die, regardless of how long you have been taking your pension for.

    Find out more about what happens to your DB pension when you die

  2. Do you have relevant investment experience?
  3. Are you comfortable with investment risk?
  4. Is your DB pension a supplementary income source that you could comfortably live without?
  5. Is your DB pension protected by the PPF?

    Defined Benefit pension schemes in the UK are usually covered by the pension protection fund PPF, which protects Defined Benefit pension members if their pension fund becomes insolvent. It currently protects 90% of the value of members pensions (caps apply) and rises in line with inflation each year. The amount you can receive is capped but the majority of scheme members (99.5%) are not affected by this cap.

    If your sole motivation for transferring your Defined Benefit Pension is a concern over the future of your scheme, it’s important to understand if your scheme is covered or not, because if it is, then a transfer for this reason alone is not justifiable.

    Find out more about the Pension Protection Fund

  6. Can you achieve your stated goals staying within your existing DB scheme?

    This year alone we’ve spoken to several individuals whose sole reason for seeking a transfer was because they were worried that their spouse would not be able to survive on a reduced spouse’s pension (usually 50% of a member’s DB pension). All were still in the 40s or early 50s with no ill health or reason to believe that they wouldn’t outlive their spouse.

    We were able to solve their problem whilst keeping them within the safety and security of their DB pension scheme by simply recommending an appropriate life insurance policy that would cover any shortfall in their spouses income in the event of their untimely death. This was a relatively low cost solution given the long-term cost and risk of transfer.

    Other examples of this include individuals who want to access tax-free cash at 55, who were able to find the money they needed through alternative sources. Sometimes, all it takes is a quick call with an expert to realise that there are alternative actions available to you.

See our Definitive Guide to Final Salary Pension Transfer for more information

Why are pension transfer values so High 2020?

Although Defined Benefit Pension Transfer values plummeted to their lowest levels as the global pandemic hit the UK in March 2020. They rebounded to record their highest ever levels in July 2020 with the average transfer valued at £261,000.

Defined Benefit Transfer Values Aug18- Sept 2020

Fears over stock market crashes, reduced life expectancy and falling Gilt value pushed transfers to their lowest levels since 2018 back in March.

UK 10 year Gilt price chart from the Financial Times

Transfer values 2020: Pension Scheme Deficits Rise...then Fall

Pension Scheme deficits climbed to £290bn in March 2020 according to PwC Pension Funding Index, which correlates with the huge drop in transfer values as trustees acted to protect the longevity of the schemes and member benefits.

But as stock markets bounced back stronger, buoyed by optimisim over vaccine hopes, we saw transfer values continue to rise and deficits fall to £190bn, down from £340bn in August 2019.

The falling number of people opting to transfer may also be having a positive effect on transfer values as trustees continue to balance the books on historic pension scheme defecits.

There is hope that alternative funding and investment strategies for pension schemes could wipe out the current deficits the industry has seen over recent years.

You can read more about Why Pension transfer values are so high in our dedicated article here:


What’s my CETV transfer value?

A Cash Equivalent Transfer Value (CETV) is the amount your pension scheme will give you if you decide to transfer your pension. It is supposed to represent the value of the benefits you are giving up. If you don’t have yours yet you can use our simple calculator to get an estimate

How is my CETV Calculated

Your pension scheme administrators set your CETV using a calculation decided by the trustees. Things like your age, scheme retirement age, cost of living, life expectancy and whether you are married or single all have an impact on your transfer value.

It is also worth noting that Pension Scheme trustees have the right to adjust transfer values so they represent “fair value” and do not adversely affect other members. If the schemes funding position changes or lots of people transfer out in a short space of time, your CETV can fall.


The amount being offered for Final Salary Pension Transfers varies hugely from scheme to scheme with some schemes offering as much as forty times your pensionable income. Industry averages are between 20 - 33 times pensionable income.

Some pension schemes will automatically update your CETV on your annual pension statement, in other schemes you will need to request it.

We have developed a Transfer Value calculator that you can use to give you a rough guide of what you could be offered but it is always best to request an estimate from your pensions scheme administrator.


FCA Advice on Defined Benefit Pension Transfers

The Financial Conduct Authority are the regulatory body that oversee financial advice in the UK.

It's their job to ensure that consumers get quality financial advice that safeguards their best interests.

If you want to find out what you should be looking for when it comes to receiving financial advice for your defined benefit pension transfer watch this helpful video below.


Pension transfer gold standard


The Pension Transfer Gold Standard is a voluntary code of good conduct for pension transfer specialists. Set up by the Pensions Advice Taskforce, it's designed to ensure the highest of standards of advice for consumers seeking pension transfer advice.


We are proud to offer the highest standard of ethics and quality with our pension transfer advice and if you'd like to find out more about the pension transfer gold standard here, where you can download a helpful consumer guide.