DEFINED BENEFIT TRANSFERS
We provide UK-regulated advice on defined benefit pension transfers. We guarantee you the same level of service and quality you would expect from a good UK-based advisor. We can provide a full end-to-end service that includes the required report that satisfies the FCA, management of the investments and ongoing service into the future.
Final salary pensions (otherwise known as defined benefits) were once seen as ‘gold-plated’ and the surest way to guarantee yourself a consistent income in retirement.
However, in recent years thousands of people have decided to transfer their pensions for a generous transfer value and have more control over their own pension.
The process for transferring is not as simple as it once was and rightly so as too many pension holders have fallen foul of bad advice. We guarantee to give you the best advice which in many cases means telling you that you shouldn’t transfer.
OUR UK DEFINED BENEFIT PENSION TRANSFER ADVICE PROCESS
Transferring a UK defined benefit pension can seem like a complicated process. We do our utmost to make it as simple as possible and make sure that you fully understand what happens at each stage.
The first step is always to make an initial assessment of a ‘Cash Equivalent Transfer Value’ (CETV). If you haven’t already obtained one then we can help to do this for you and liaise with the scheme providers on your behalf.
We carry out an initial assessment for free. This basically involves discussing your motivation for a transfer and whether the CETV represents a good offer. We’ll give you feedback based on a traffic light system: red means that unfortunately we do not believe it is worth considering a transfer; green means that a transfer is likely to be favourable while yellow is the middle ground and it will be your decision whether or not to proceed further.
Following the initial assessment of viability, we will go ahead and produce a report which meets the demands of the Financial Conduct Authority (FCA). The aim of the report is to make an accurate assessment of whether a transfer is in your best interests. We have to charge for the work involved at this stage regardless of the end outcome.
Transferring a defined benefit pension is a big decision. Please take a look at the articles below which cover different aspects of this area of financial advice.