Chapter 7 Our Final Salary Transfer Process2018-07-25T14:02:13+00:00

Chapter 7: Our Final Salary Transfer Process

What to expect

2020 Financial are an Independent Financial Adviser and Pension Specialist. Our tried and tested Final Salary Pension Transfer process has been designed to provide you with all of the information you need to make an informed decision. 


1. Free Initial Call

  1. You’ll be assigned to one of our Independent Financial Advisers who is a Qualified Pension Transfer Specialist from the start. They’ll set up a free initial introductory call with you to discuss your financial situation and establish whether you have a case for transferring your pension. You will be asked general questions about your financial situation, whether you have a spouse, children and your reasons for wanting to discuss a pension transfer. We will then schedule an introductory meeting.


2. Fact-finding and due diligence

  1. At this stage we will:
    • Collect information from you about your objectives, priorities and personal circumstances.
    • Contact your pension scheme to request a Cash Equivalent Transfer Value CETV^ (if not already available). * Please note with CAAPS (Civil Aviation Authority Pension Scheme) their process is different, if applicable we will discuss this with you
    • Request specific information about the scheme benefits from your existing pension scheme

3. Analysis and Appraisal

  1. Our Pension Specialists will analyse your pension scheme benefits and, taking into account your objectives, evaluate whether a transfer would be appropriate for your circumstances. You will then receive a full Summary Report with our recommendations. This report includes your personalised critical investment return assessment, which will show you what investment return is required by your new personal pension fund to match the final salary pension you would leave behind and you will be able to see examples of how your pension pot might look in the future with your proposed monthly drawdown.

4. Implementation

  1. Where a transfer is recommended and you decide to proceed, we will complete the necessary paperwork to transfer your pension to a suitable personal pension arrangement * and advise on:
    • The investment strategy for your pension fund
    • The level of cash and income withdrawals, if required

5. On-going Management

  1. We will monitor and review your pension investments and recommend changes as appropriate. You’ll have regular reviews to assess your cash/income withdrawals in light of changing personal circumstances and external market conditions and you’ll receive on-going advice on the suitability of your pension arrangement. We’ll recommend changes where appropriate.^ Please remember that your CETV is only guaranteed for a period of 3 months so it’s important to commence the advice process quickly as obtaining the necessary information can take a number of weeks. Where possible, it’s usually best to let us obtain your CETV so that we can obtain the necessary information at the same time.*If you are an experienced investor, it may be possible to manage the on-going retirement risks yourself and request where your pension is transferred. We will still insist on completing the transfer to your chosen pension provider.


Set up a free no obligation, 20-minute call with one of our Pension Transfer Specialists today. We’ll be happy to answer any questions you may have and assess your possible suitability for a Pension Transfer. If we’re both happy to move forward we can arrange an introductory meeting to get the ball rolling. Call us on 02380 981161 or contact us below.

Contact us

Frequently Asked Questions

Got a Question? Speak to a specialist
How to choose a Financial Adviser for a Pension Transfer2018-01-17T15:04:40+00:00
FAQ Financial Adviser

If you are considering a Final Salary Pension Transfer chances are that you will need to choose a Financial Adviser to help you. It is a regulatory requirement for Pension Transfers over £30,000 that you receive advice from a Qualified Pension Transfer Specialist.

It is important to understand that this is not just a box-ticking exercise, your Financial Adviser will need to carry out in-depth analysis on your financial situation and will have to provide a personal recommendation in order for you to transfer your pension. If they believe that it is not in your best interests to do so, you will not be able to transfer out of your scheme. They will provide you with the reasons why. This process is designed to protect you and your money.

If you proceed with a Final Salary Pension Transfer you will be taking over the responsibility for how your pension pot is invested so it’s likely that you’ll be working with your financial adviser for a long time, it’s important to choose someone qualified, experienced, trustworthy and someone that you are happy to work with on an on-going basis.

How to choose a Financial Adviser – Important things to check

  • Are they authorised by the FCA?
  • Are they a pension specialist?
  • Do they have experience of Final Salary Pension Transfer?
  • Can they provide references?
  • What are their charges initial and ongoing?

Are they authorised by the FCA?

Make sure that the person you are dealing with is authorised by the Financial Conduct Authority (FCA) and qualified to advise on Pension Transfers. This is a highly specialised field that requires professional qualifications. You can check whether your Financial Adviser is authorised to carry out this work on the Financial Conduct Authority (FCA) register.

What to look for on the FCA register?

Firstly that the company’s status is Authorised.

Secondly, under permissions you should see a box that says ‘Advising on Pension Transfers and Pension Opt-Outs’ If the firm you are dealing with is not authorised to give advice, you should find a local Pension Specialist who is. If in doubt, you can contact the FCA.

Here is our FCA register entry

Do they have experience of Final Salary Pension Transfer?

Check that your Financial Adviser has relevant experience with Final Salary Pension Transfer. You can ask for references from existing Pension Transfer clients.

Ask them for details of their process. Who will be your contact? How will they keep you updated etc? It’s best to understand this now.

How much does your Financial Adviser charge?

Be sure you know how much your transfer is going to cost – now and in the future. Financial Advisor fees vary massively. Ask what fees will be incurred for

  • The initial research and report
  • Carrying out the transfer
  • Costs for investing your money in a personal pension
  • On-going management fees etc

It makes sense to shop around for the best deal, especially when it comes to on-going fees as these can make a big difference over time. Don’t be afraid to negotiate – it always helps if you know what other local advisers are charging for similar work.

You can find details of our charges here

Do your homework and be thorough. It’s important to find the right Financial Adviser for you.

Talk to a Financial Adviser

Free Resources

You will need to speak to a professional but if you are considering transferring your Final Salary Pension, there are a number of free resources we would encourage you to take a look at.

The Pension Advisory Service (TPAS) 

Set up to provide free professional, independent and impartial help with their pensions

Pension Wise

A government website providing information about the Pension Changes and options for Personal Pension Holders and those with workplace pensions.

Money Advice Service

A great resource for money advice. It also contains a handy budgeting tool.

Pension Protection Fund (PPF)

Provides details about the scheme set up to compensate those with Defined Benefit (Final Salary) Pension Schemes if their scheme collapses.

We’ve also written some helpful pieces on our blog including ‘How much do I need to Retire’


Sometimes it’s just nice to talk to a human. Especially when that person is a Qualified Pension Transfer Specialist with experience of Final Salary Pension Transfers. 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. Call us on 02380 981161 or contact us below.

Contact us
What happens to my Defined Benefit Pension if my employer goes bust?2018-01-17T15:07:55+00:00

A Defined Benefit Pension, AKA a Final Salary Pension guarantees to pay its members a defined amount per year, for life. However, it’s a common concern “What happens to my Defined Benefit Pension if my employer goes bust?”

The answer is that it depends on the circumstances and what is agreed between the Pension Scheme Administrators and its members and/or whether there is any government intervention. The likely outcome is, if your Final Salary Pension Scheme is eligible, that you may be protected by the Pension Protection Fund (PPF) which acts as an insurance policy should your employer’s pension fund get into trouble or if the business goes bust in the future. You’ll generally receive a maximum of 90% of what your pension was worth at the time, up to £34,655.05 per year, a figure set by the Department for Work and Pensions (DWP). 

You can find out more on the Pension Protection Fund website or read our blog post What is the Pension Protection Fund

What happens to my Final Salary Pension if I die?2018-01-17T15:09:31+00:00

It’s a big concern for some people, ‘what happens to my loved ones if I die?’ Will they be provided for?

Whilst you cannot transfer the full amount of your Final Salary/Defined Benefit Pension fund over to a Spouse if you die, There’s normally a provision made by the Pension Scheme Administrator for a Spouse and dependent children. The amount they will receive varies from scheme to scheme.

If you’re not married and don’t have dependent children then your pension pot gets absorbed back into the employer’s pension fund when you die. Unlike a Personal Pension, you cannot pass it on or nominate someone to inherit it.  

** December 2017 update – due to a successful legal challenge it may now be possible for ‘common-law’ partners to make a claim for part of your pension if you die. see the links below for details of the cases

Unmarried woman wins automatic right to late partner’s pension

Same-sex couple win landmark Pension Equality case

How do I get a Pension Transfer Estimate?2018-01-17T15:10:18+00:00

Your Pension Fund amount and the Transfer amount (known as the Cash Equivalent Transfer Value or CETV) are not the same thing. You should receive an annual update from your Pension Scheme Administrator that contains this information but if you do not have an up-to-date estimate you will need to request your Cash Equivalent Transfer Value (CETV) from your Pension Scheme Administrator

People who receive financial advice are on average £40,000 better off than their unadvised peers

Research by International Longevity Centre-UK (ILC-UK), 2017

9 in 10 people were satisfied with financial advice received, with the clear majority deciding to go with their adviser’s recommendation.

ILC-UK, 2017
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