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Get advice from a Final Salary Pension Transfer Specialist. We’ve been offering pension transfer advice for over 13 years, so we’re confident we can help.  If you’re trying to decide whether pension transfer could be right for you. Read our in-depth guide below or schedule a free call to discuss. 


  1. An Introduction To Final Salary Pensions
  2. Should I transfer my Final Salary Pension?
  3. Final Salary Pension Transfer Benefits
  4. Final Salary Pension Transfer Risks
  5. What’s my CETV?
  6. How do I Transfer my Final Salary Pension?

Final Salary Pension Transfer is a complex area with high risk involved.  If you’d like to speak to our specialist Pension Transfer team we can provide in-depth analysis and expert final salary pension transfer advice tailored to you.

We’re here to help every step of the way. So you can be confident you’ll make the right choice for your future.

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Need final salary pension transfer advice? Talk to Simon, our qualified Final Salary Pension Transfer Specialist today. He’s happy to answer any questions you might have. Schedule a free introductory call today 

Demand for Final Salary Pension Transfer has skyrocketed in the UK in recent years. Transfer values are at record levels. So if you have a DB pension you might be rethinking your retirement plans too.

Because you can access defined contribution pensions from 55, a transfer might sound like a good idea. But in reality, pension transfers are a complex decision. And they’re not right for everybody. In some (in fact most) cases a transfer could leave you worse off in future years. It’s important to educate yourself on the risks as well as the benefits

Chapter 1


An Introduction To Final Salary Pensions

What is a Final Salary Pension?

Also known as a DEFINED BENEFIT Pension, these are the ‘gold-plated’ pensions you often hear about in the news.

If you’re considering a final salary pension transfer, it’s important to get the basics covered first. So that you understand what it is that you’re dealing with. A Defined Benefit Pension or Final Salary Pension guarantees its members a fixed retirement income for life (protected against inflation). The amount you’ll get is normally calculated on your salary, how long you’ve worked for your employer and a calculation made under the rules of your pension scheme. This amount was often based on your salary at the end of your employment, hence the name ‘final salary’.

The benefits of  Final Salary Pensions

Final Salary pension schemes are generally far more generous than their Defined Contribution (Personal Pension) counterparts. In fact, they are often referred to as ‘gold-plated’ pension schemes for this very reason.

The Pension and benefits you will receive are pre-defined by your pension scheme administrators. Whilst each scheme is different in the full range of benefits it offers, members will receive:

  • guaranteed amount of Pension income for life
  • Protection against inflation – the amount of money you receive goes up each year, normally in line with inflation. This protects the value of your pension over time.

Other benefits may include a protected retirement age, a continued pension for your Spouse/dependent children if you die (the amount varies from Scheme to Scheme) or the option to take a cash lump sum on retirement.

Historically you could find Final Salary Schemes in both the public and private sector, but they have been rapidly disappearing from the private sector with few remaining open to new members. The rarity and value of these schemes should not be underestimated.

How are the Final Salary Pension benefits calculated?

Each scheme has its own rules that set out the basis of accrual and benefits, but most schemes provide benefits based on 4 key elements:

  • The length of the pensionable service you were credited with as being an active member of the scheme i.e. how long you were working for your employer as an active member of your Final Salary pension scheme.
  • Your pensionable salary
  • The circumstances under which benefits are taken from the scheme (retirement, early payment, early leaver, ill-health, death etc.)
  • The formula or rate of ‘accrual’ set by the scheme administrators, which uses service and salary to work out your pension

Accrual Rates: How do they work?

Your accrual rate will depend on the scheme you are in – could be 1/60, 1/80 or some less generous schemes could use 1/125. The example opposite shows how your accrual rate could affect how much money you get in retirement.

accrual rate example final salary pension

Chapter 2

Should I transfer my Final Salary Pension?

Download our Definitive Guide to Final Salary Pension Transfers today for more information about the risks and benefits of transfer.

Get the Guide
Final Salary Guide link

Why Consider a Pension Transfer?

Final Salary Pension Transfer is not right for everyone, for most it’s highly ill-advised. But for a select few individuals, Final Salary Pension Transfer may be the best course of action to meet their financial and lifestyle goals.

Figures from the Pensions Regulator estimate approximately £14.3 billion was transferred out of Final Salary schemes in a single year alone from 2017-2018, with tens of thousands opting to move their pension in favour of more flexible pension arrangements.

The Financial Conduct Authority (FCA), who oversees the conduct of financial advisers in the UK has recently changed their advice on Final Salary Pension Transfers. Whilst it is still the case that advisers should approach every transfer from the initial assumption that a transfer will be unsuitable, this is largely because of the high levels of unsuitable advice being given out by rogue advisers in the industry. The FCA does recognise that there are cases where it can be demonstrated that a pension transfer is suitable.

Is a Pension Transfer right for me?

When you transfer your Final Salary Pension you go from an investment that is guaranteed for life and protected against inflation to one that is subject to all of the risks of a standard investment. There are a number of factors that affect whether or not it might be suitable for you to transfer your final salary pension including (but not limited to):

  • Your attitude to risk
  • Your aptitude for risk (i.e. can you cope if your pension value goes down)
  • Your age
  • Your short & long-term goals
  • Your investment experience
  • The value of other assets/pension/wealth you hold

7 Reasons you might consider transferring your Final Salary Pension

In April 2015 sweeping changes to pension rules meant that those with private pensions now have much more freedom and choice in how they access their pensions. Unfortunately, not all of these changes apply to those in Final Salary Schemes. Whilst a pension transfer is not right for everyone, these changes along with other factors have made the idea of transferring out of a Final Salary Pension Scheme much more attractive.

1. High Pension Transfer Values

If you’ve seen your transfer value go up in the last few years you’re not alone. High transfer values can definitely make the idea of transferring seem more attractive. And whilst it’s true that a larger pension pot does mitigate some of the risks of transferring, it shouldn’t be your only consideration.

It’s also worth noting that transfer values tend to go up the closer you are to your scheme’s retirement age. So, if it’s suitable for you to transfer, it’s still worth considering when you do it. It might be in your interests to postpone taking your money.]

Read more: Why are Pension Transfer Values so high?

high pension transfer values chart

2. Tax-Free Lump Sum

The pension changes brought in in 2015 allow private pension holders to access a 25% tax-free cash lump sum from their pension from 55. Individuals can access this lump sum without needing to draw the rest of their pension.

With a Final Salary Pension, whilst you may be offered a cash lump sum on retirement, the calculation used to determine your cash lump sum is based on the scheme’s own rules and often results in you receiving less than 25% of your pension pot.

For a selected few schemes, the lump sum is automatically offered in addition to your guaranteed pension income. More commonly this lump sum is offered at the cost of receiving a smaller starting pension, this is known as commutation. The bigger the lump sum you withdraw, the more future pension you sacrifice – and the reductions can be significant.

As with pension benefits, the commutation factor will vary from scheme to scheme. For example, a 12:1 commutation factor will mean a £1 reduction in pension for every £12 of tax-free cash.

Lump Sum Commutation Example:

  • Jude has a Final Salary Pension worth £16,000 a year.
  • Her scheme uses a commutation factor of 12:1 to calculate her cash lump sum.
  • She opts to take a £42,000 cash lump sum and a lower starting pension of £12,500 (a reduction of £3,500 per year), reasoning that she wants to pay off the remainder of her mortgage early.

42,000 / 12 = £3,500

If she retires at 60 and lives to the UK average age of 89, she’ll have given up £101,500 of pensionable income (29 years of receiving £3,500 less) for her initial £42,000 lump sum (in today’s money).

It’s important to remember that once you have selected your choice of pension benefits, you cannot change your mind in later years. It’s crucial to get the right advice before you make a decision.

This is where you really need advice from a Pension specialist to decide if you might be better taking more as income and less as tax-free cash or leaving it in your Pension Fund.

3. Fixed Retirement Age

Final Salary Schemes normally have a fixed retirement age, so if you’re planning on retiring early this might throw a spanner in the works. It might be possible to retire early  from your scheme but you’ll need to check whether there are penalties for doing so. You will normally have to sacrifice a certain amount for every year you are below the fixed retirement age.

You’ll also need permission from the Pension Trustees/your employer to retire early.

Some schemes (not all) do have a Protected Pension Age, which may allow you to retire early. It’s best to check with the Pension Scheme Administrator to find out exactly what benefits you have attached to your Pension.

hobbies could boost your health_golf

4. Passing on wealth when you die

Final Salary Schemes are pretty inflexible when it comes to passing on wealth.

Changes to Inheritance tax rules in October 2014 brought greater flexibility over who can inherit your pension. Private Pensions in drawdown can now be left as a legacy to any beneficiary that you nominate. But these rules don’t apply to Final Salary Pension members.

Inheritance rules for a Final Salary Pension differ from scheme to scheme but generally, they will pay a reduced guaranteed, inflation-protected survivor’s pension of between half to two-thirds to your spouse or dependent child when you die. Exactly how much they’ll get, depends on when you die and the scheme you’re in. If you’re single and without dependent children, any pension that you have built up gets absorbed back into the scheme pension pot when you die.

We cover this topic in depth in our What happens to my pension when I die? article.

5. Marital Status

If you’re single, your transfer value might look more attractive than if you were married. That’s because scheme benefits are based on an ‘average’ scheme member that assumes you’re married. Almost all schemes assume the need to pay out a dependent’s survivor pension. So if you’re single, widowed or divorced your Cash Equivalent Transfer Value may seem more generous than if you were married.

6. Health

If you have ill-health with a reduced life expectancy the amount you will receive from your final salary pension remains the same. When you die, depending on the scheme rules, your Spouse will usually receive a reduced guaranteed income that they will have to pay income tax on. They cannot pass that benefit on when they die.

If you were to transfer to a defined contribution scheme then you have a couple of options: you could take advantage of an enhanced annuity which could provide an attractive alternative for those who are not in good health and could provide you with a higher income than if you took the income available from your final salary scheme.

Alternatively, if you want to prioritise leaving money to your beneficiaries on death, you could transfer your pension to a drawdown pension and take advantage of the inheritance rules surrounding personal pensions. We cover this in detail in Chapter 3.

Whatever the reason, your health could have a bearing on whether or not a transfer is in your best interests.

7. Tax Planning

Having a guaranteed amount of money land in your bank account every month is not normally a bad thing, but if you are trying to balance your tax liabilities, you don’t have the flexibility to take less (or more) at any given time. You may especially find this a restriction if you find yourself over the Lifetime Allowance amount.

If your Pension is over the Lifetime Allowance (LTA) your Pension Scheme Administrators will deduct the additional 25% tax at source from your pensionable income, they’ll adjust the amount as soon as your pension becomes payable.

Under defined contribution arrangements, current tax rules allow wealthy individuals using Flexible Drawdown to defer the Lifetime Allowance Tax until they are 75. By keeping income drawings within the LTA limits up to age 75 (and gaining the benefit of a largely tax-exempt investment account until that date), you can defer paying the lifetime tax surcharge on the value of your pension fund until you are 75.

More on this hereLifetime allowance and Final Salary Pensions

If you have no need for the funds in excess of the LTA then you could consider leaving these invested in your pension. Although you have to pay the LTA charge of 25% at age 75, the funds will remain outside of your estate. If you die after your 75th birthday your ultimate beneficiaries will have to pay income tax on the benefits but this may be preferable to you paying income tax on the income and inheritance tax (currently 40%) on any funds that remain in your estate.

Download our Definitive Guide to Final Salary Pension Transfers today for more information about the risks and benefits of transfer.

Get the Guide
Final Salary Guide link

Chapter 3

Final Salary Pension Transfer Benefits

Most people would be foolish to give up a guaranteed income for life, especially one that’s protected against inflation, and yet many still do. So what exactly are the benefits of transferring your Final Salary Pension?

The benefits of Final Salary Pension Transfer lie mainly in the flexibility that has now been given to Personal Pensions as part of the 2015 Pension Reforms. For high-net-worth individuals or those with extremely large pension pots, the freedom to choose how they manage their money in retirement and the tax-efficiencies are just some of the benefits.

1. Enjoy flexible access to your money, from age 55

From age 55, holders of personal pensions can access the money in their personal pension pot. You can choose how much to take out* and when. With a personal pension, you can make your pension fund work for you as your lifestyle and circumstances change. For instance, you may opt to leave your Pension untouched and invested for longer or take more money in a single year and less in others. You have the flexibility to manage this as you see fit.

*Withdrawing more than 25% of your pension fund will result in you being taxed at your marginal rate of income tax.

2. Consider Early Retirement

Another benefit of transferring your final salary pension to a personal pension is that since you can access your new pension fund from age 55, without incurring hefty financial penalties, you also have the flexibility to consider early retirement. With this extra income, you could opt to stop working sooner knowing your pension is intact. Alternatively, you could take a smaller amount out from your pension fund to subsidise a change in lifestyle, such as opting for flexible working hours and enjoying semi-retirement aged 55.

3. Leave a Tax-Free Inheritance

Before the 2014/15 pensions reforms, the ability to pass on wealth efficiently via a pension fund was limited. Now, owners of personal pensions can nominate anyone to receive the remaining value in their pension after they die. This ‘death benefit’ is usually paid as a lump sum to the beneficiary and is free from Inheritance Tax (if you die before the age of 75 and they take the money within 2 years – full details can be found on the Pension Wise website or your Financial Adviser should be able to explain how the rules will affect you). This favourable tax treatment means it can make sense to draw a retirement income from alternative sources, leaving the full value of your personal pension(s) to your loved ones. As long as the pension remains invested, the capital within the pension can even benefit from tax-efficient growth.

Comparatively, with a final salary pension scheme, only reduced payments may be offered at death, and this is normally just to spouses and young children. There is generally no provision for unmarried couples or adult children. Any unallocated value remaining in the pension fund is absorbed back into the pension scheme itself.

IMPORTANT NOTE: Two successful legal challenges took place in 2017 that may positively affect the future pension rights of common law partners and same-sex civil partnerships within workplace pension schemes, in the event of their partner dying.

4. Have more control over your income tax planning

Final salary pensions and personal pensions can both provide income for your retirement and/or a tax-free lump sum.

With a final salary pension the level of pension income you can enjoy, and any lump sum payment to you will be decided by the Pension Scheme Administrator. This is be based on your length of service and your final salary.

With a personal pension, the owner can enjoy whatever level of pension income they feel appropriate, throughout their retirement*. They will be able to increase, decrease or indeed stop pension income, entirely at their own discretion. If they do not require extra income, they can reduce the amount they take and save the income tax.

Since it is now possible to pass on wealth via a personal pension without incurring inheritance tax, they may also choose to reduce the Inheritance Tax liability on their estate by opting to leave money in their pension rather than cash or properties. If their situation changes they can choose to withdraw their pension at a later stage.

This level of flexibility and control means personal pension holders can efficiently manage their tax liabilities and have more control over the rate at which they pay tax. When managing multiple sources of income, this flexibility can be extremely useful.

*It should be remembered that a private pension does not provide a guaranteed income. If the money runs out, so does your income.

5. Withdraw a tax-free lump sum

With a personal pension, you can withdraw a tax-free lump sum from your pension fund from age 55. This is usually 25% of the value as cash. This can be helpful for paying down a mortgage or helping the next generation get on the property ladder.

  • This lump sum does not need to be taken all at once.
  • You can opt to receive it in instalments, so you can keep more money within your personal pension (which can be passed on to loved ones free from Inheritance Tax in the event of your death).
  • These tax-free instalments are not added on to your other taxable income, which can keep your tax bill lower than would have been the case in future years.

Most final salary schemes also allow pension holders to draw a one-off tax-free lump sum. However, this lump sum is often offered at the cost of receiving a smaller starting pension. Sometimes, this lump sum is automatically offered in addition to your guaranteed pension income. But it’s important to note that the calculation method used to determine how much you would receive often results in you receiving less than 25%.

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Need final salary pension transfer advice? Talk to Simon, our qualified Pension Transfer Specialist today. He’s happy to answer any questions you might have. Schedule a free introductory call today 

Chapter 4

Final Salary Pension Transfer Risks

The general advice for transferring your Final Salary Pension is – don’t, and for good reason.

Choosing to move a Final Salary Pension is an irrevocable decision, so even if the benefits of a Final Salary Pension Transfer appeal to you, you must also seriously consider the risks involved before making your decision: –

1. You will be responsible for your money

If you transfer to a personal pension you will be taking responsibility for your pension investment. If you have never invested before this can seem like a daunting prospect. You will need investments that match your tolerance for risk. You will want to spread your investments so that you’re not overexposed in any one area. You will need to be prepared to make decisions if there are changes in the market. In order to do this, it is of paramount importance that you seek sound professional and independent financial advice on an on-going basis.

Only a qualified Final Salary Pension Transfer Specialist is authorised to advise on final salary pension transfers so it’s important to find someone with the correct credentials. This person would then also be able to help you manage, and maximise, your money after the transfer.

2. Your money could run out

With a final salary pension scheme you are paid a guaranteed, fixed amount, every year until your death (or the death of a qualifying financial dependent (if later). According to the Office for National Statistics, a 65-year-old man has an average life expectancy of 86 (21 years), while a 65-year-old woman could expect to live to 89 (24 years). With one in four 65-year-olds today expected to live to 94 (men) and 96 (women), this makes a final salary pension a reassuring financial prospect.

A personal pension may offer flexibility, allowing you to take out varying amounts from your pension year on year, but once that money has run out, it’s gone. It is therefore imperative with a personal pension to make a long-term financial plan and manage your money wisely. You will need to consider such things as life expectancy, your lifestyle, and any financial dependents you may have. Your plan should be one that will support you for as long as you need, most likely the rest of your life. So, it is reasonable to expect this to last 30+ years. You may also need to make allowances for the fact you might live longer than you thought! Couples also need to remember that an income will be required throughout both of your lives.

Find out what your average life expectancy is based on your age and sex using the ONS life expectancy calculator. You’ll also be able to see what are the chances of you reaching 100.

Our Pension Specialists use decumulation calculators to show individuals how long their pension will last at a proposed rate of withdrawal, so you can see, based on your average life expectancy how much you can afford to withdraw from a personal pension. Of course, you could always outlive the average expectancy. Remember, a Final Salary Pension pays out a guaranteed amount for life, regardless of what age you live to.

pension value over time drawdown
Portfolio Value Over 30-Year Withdrawal Period
  1. Investment risk

Any investment carries risk. Investments can down as well as up and you may not get back the full amount that you invested. Which is why it is important to understand the level of risk you are going to be comfortable with.

With a Final Salary Pension scheme you are protected from market changes, and the amount you receive stays the same regardless* but one of the biggest risks of Final Salary Pension Transfer is giving up the certainty and safety found within the scheme.

With a personal pension, the amount of pension you receive will be dependent on the growth yet to be earned. It will be calculated by the size of your pension pot, when you plan to retire, how much money you plan to withdraw, and when you plan to withdraw it. Things to consider before transferring out of your final salary pension are:

  • Your attitude to risk– if uncertainty causes you anxiety and sleepless nights you may be better off remaining in the safety of the scheme.
  • Your capacity for loss – if your final salary pension makes up a large proportion of your retirement income you need to consider how you’d cope if your investment went down? Could you still live comfortably if you had to survive on less?

It is always a good idea to run through your options with an Independent Financial Advisor/ Pension Specialist to ensure you are making the best decisions for your future.

* unless your scheme falls into the Pension Protection Fund, in which case 90% of your pension is guaranteed.

4. Tax and the ‘Lifetime Allowance’

Under current tax rules, you can build up a pension fund worth £1.03 million over your lifetime, for both final salary and private pension owners. If the Lifetime Allowance is exceeded, an additional tax bill is payable from your pension pot.

The Lifetime Allowance (LTA) is a limit on the value of payouts from your pension schemes that can be made without triggering an extra tax charge.

It was reduced in 2016 and is currently set at £1,030,000. The Government has indicated that it will increase each year in line with inflation. Once you exceed this amount, you’ll pay 55% tax if you take your money as a lump sum or 25% tax if you take it as income.

How is Lifetime Allowance Calculated for Final Salary Pensions?

Lifetime allowance is calculated by your pension provider and is usually worked out on 20 times your first year’s pension plus your lump sum. This means someone with a £50,000-a-year pension income would still fall within the new £1,030,000 limit and could avoid the tax. If you do exceed the LTA, your Pension Scheme Administrator will take the tax from your pension as soon as you start drawing it. The amount you receive will be reduced accordingly.

How is it worked out and payable for Defined Contribution Pensions?

For savers with defined contribution pensions, the lifetime limit is simply compared with the overall fund value.

Current tax rules allow for wealthy individuals to use Flexible Drawdown to defer the Lifetime Allowance Tax until they are 75. This can be achieved by keeping drawings within the LTA limits up to age 75 and gaining the benefit of a largely tax-exempt investment account until that date when the surcharge tax will become due on the excess value of the fund.

If you have no need for the funds in excess of the LTA then you could consider leaving these invested in your pension. Although you have to pay the LTA charge of 25% at age 75, the funds will remain outside of your estate. If you die after your 75th birthday your ultimate beneficiaries will have to pay income tax on the benefits but this may be preferable to you paying income tax on the income and inheritance tax (currently 40%) on any funds that remain in your estate.

You can find more information on the government website but we also recommend speaking to a Financial Adviser 

  1. The loss of other benefits

Another one of the risks of Final Salary Pension transfer is the other benefits that you could lose if you decide to leave your scheme. These benefits may have an actual financial value to you, but also an emotional one, such as the peace of mind that a fixed level income can offer you. It is important that you fully understand the implications of what you are giving up, and what it will mean to you financially and emotionally. Examples of two of the most common benefits are:

a) Inflation protection

Final Salary Pensions have inflation protection built in. They go up in value every year to protect your money from being eroded by inflation. Personal pensions don’t have this. With a personal pension, you will be reliant on your investments outperforming inflation to protect the value of your pension.

b) Family protection

With a final salary pension scheme, when you die, an on-going pension is provided (albeit, a reduced one) to your surviving husband/wife/registered civil partner. This taxable pension is payable immediately after your death and for the rest of their life. If you have children under the age of 23, further temporary pensions may be payable. A one-off payment may also be made. If you have dependents then these benefits will hold a different value for you than perhaps someone who is single, divorced or has no dependent children.

These are just two examples of the possible benefits one could lose. Every final pension scheme is different. It’s important to request full details of your Final Salary Pension benefits from your pension provider. A Pension Transfer Specialist can then help you understand the value of these benefits to you.

Chapter 5

What’s my CETV?

Cash Equivalent Transfer Values

The transfer value from a final salary scheme is called a Cash Equivalent Transfer Value (CETV). Your CETV is supposed to represent the value of the benefits you are giving up. Your CETV is the amount your pension scheme will give you if you decide to transfer out of your Final Salary Scheme. It is not the same as your Pension Fund amount.

Your transfer value is set by your pension scheme administrators 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 worth noting that Pension Scheme trustees have the right to adjust transfer values so they do not adversely affect other members in the scheme. If your pension schemes funding position changes or lots of people transfer out in a short space of time, your CETV can fall.

Working out your Cash Equivalent Transfer Value

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 for 2018 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.

CETV calculator link

What’s my 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.

Get my CETV estimate
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Need final salary pension transfer advice? Talk to Simon, our qualified Pension Transfer Specialist today. He’s happy to answer any questions you might have. Schedule a free introductory call today 

Chapter 6

How do I Transfer my Final Salary Pension?

How we can Help with a Final Salary Pension Transfer & Analysis

If your pension transfer value is worth more than £30,000 it is a regulatory requirement that you receive advice from a Qualified Pension Transfer Specialist before moving your pension. On top of this, all but one of the main SIPP providers now require proof that you have not only received financial advice from a qualified individual but that you also have a positive recommendation to transfer before they will accept a transfer.

Not all Final Salary pensions can be cashed in though. If you’re in an unfunded public sector scheme such as Teachers, Firefighters, NHS workers, Police and the Armed Forces you are not able to transfer out.

Pension Transfers are our speciality. Our friendly, expert team has been helping people to transfer their pensions since 2007. Our process is designed to make sure you get the information you need to make an informed decision and get the best outcome for you. If we think a pension transfer is not in your best interests, we’ll let you know.

Simon Garber, DIP PFS | Pension Transfer Specialist | Southampton

About the Author

Simon Garber DIP PFS is an Independent Financial Advisor and Qualified Pension Transfer Specialist. He is the Managing Director and Founder of 2020 Financial, based in Southampton, Hampshire. Simon specialises in Pensions and Retirement planning and is a later life planning specialist. He also holds qualifications in investment and life insurance and is a member of the Personal Finance Society and Chartered Insurance Institute.

Simon is passionate about providing the highest standards of customer care and transparency. 2020 Financial were awarded the Pension Gold Standard in 2019. You can find out more about Simon here.

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The definitive guide to final salary pensions
Final Salary Pension Calculator


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 are a member of a pension scheme with safeguarded benefits, it is likely it would be in your best interests to retain the safeguarded benefits.
  • Make sure you understand all the risks before investing.
  • The value of investments and the income they produce can fall as well as rise and you may not get back your original investment. Once you transfer, you will become responsible for the management of your investments.
  • Any information contained within this website should not be deemed to constitute investment advice and should not be relied upon as the basis for a decision to enter into a transaction, or as the basis for any financial or investment decision. Investors should always seek professional advice in regard to the suitability of any investment.


  • Pension Transfer Specialists since 2007

  • Experts in Defined Benefit Pension Transfer

  • FCA Regulated, Independent Advice

  • Awarded Pension Gold Standard

  • 5* Rated Customer Service



Speak to a Pension Transfer Specialist and discover your options to help you make the most of your final salary pension scheme. We offer a free, no obligation, 20-minute call with one of our specialists. Pick our brains, get your questions answered and find out how to get started or arrange an introductory meeting to get the ball rolling. Schedule your free call back today.


Got your Transfer Value? What next?

Defined Benefit Pension Transfer Advice

If you have a Defined Benefit Pensions and are looking to transfer, the first step is to contact us for an initial consultation.

You’ll be able to talk directly to our Pension Transfer Specialist and investment adviser Simon Garber. Simon has over 15 years experience in the industry so he’ll be able to answer any questions you have. He’ll talk you through the process and address any concerns you might have.

If you decide to proceed we’ll set up a meeting, this can be over the phone or in person, either at your home or at our offices.

Book a free, no obligation, introductory call today