Finding the right approach for saving for retirement, and for generating an income from your pensions in retirement has become a whole lot more complicated because of changes in pension rules. Luckily, there's pensions advice to see you through.
Working for one employer for the entirety of your career and building up a company pension with that employer is extremely rare today. Even more so is having a pension based on how long you worked for, how much you earned and the incredible benefit of having a guaranteed pension amount. Some are lucky to have these types of pensions called defined benefit or DB pensions, however when it comes to making decisions on what to do with your DB pension it can be extremely complex.
You are required to seek independent financial advice if the value of your pension is more than £30,000 before deciding whether or not to transfer away from your existing scheme. This advice must be provided by a specially qualified pension transfer specialist.
The prospect of transferring may be particularly compelling especially with enhanced transfer values and the flexibility to maximise tax-free cash or wanting to pass on unspent pension to your heirs.
However, some want the certainty that a DB pension provides and want to stay with the existing scheme and not transfer. As it will give them the guarantee that their pension will last as long as they do.
We are neither promoting DB pension transfers nor seeking to discourage them, the sensible assumption is that you are likely to be worse off if you transfer out of a defined benefit scheme. However, if you would like to find out more or speak with one of our advisers, please contact us.
Select the cookies below to help us personalise and enhance your experience on the site. We will remember your choice for 90 day, but you can change your mind at any point by click the manage cookies link in the footer of our website.
Necessary cookies enable core functionality such as security and accessibility. These are required for the site to function and can only be disabled using your web browser settings.
We use performance cookies to gain an understanding of how people discover and navigate our website, and on which type of device. This helps us to improve our website by making informed decisions on real world data.
These cookies are set through our site by our advertising partners. They enable us to track the effectiveness of our advertising so that we can target our marketing spend in the most cost efficient way. Some advertising partners may choose to show you adverts on other sites relevant to you based on your browsing.