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Final salary transfers

Final Salary pensions provide a guaranteed income, which is often inflation proofed, for the rest of your life. If you are married or have a civil partner, and you die before they do, the pension will usually continue, perhaps at a lower rate, to them too.

Given these benefits, a Final Salary pension, also sometimes referred to as a Defined Benefit pension, is valuable and shouldn’t be given up lightly.

But, three things have combined, to lead more people to consider whether they should transfer their Final Salary pension to an alternative arrangement:

  1. Pension Freedom: The new rules have given many people far greater flexibility than before in how they take money from their pension. They don’t though apply to Final Salary schemes and therefore to take advantage of them a transfer is necessary
  2. Higher transfer values: Over recent months the transfer values offered to people to move their Final Salary pension have risen significantly. In many cases making a transfer more attractive
  3. Confidence: In the wake of high profile cases, such as BHS, the public’s confidence in Final Salary pensions has taken a knock

If you have a Final Salary Pension, especially if you are close to retirement or at a point where you have decided to stop work, investigating the options is a sensible move.

There are many benefits to transferring your Final Salary pension. Likewise, there are numerous drawbacks. Furthermore, once you have transferred your Final Salary pension you can never go back; it’s therefore crucial you make the right decision.

Our advisers are qualified, knowledgeable and highly experienced in dealing with Final Salary pensions. They will take time to understand your retirement objectives, investigate your scheme and then recommend the best course of action for your circumstances.