If you care to check back with us later in 2021 we will be pleased to hear from you. © 2021 Pension Advice Specialists Limited. A defined benefit (DB) pension, sometimes called a final salary pension, gives you a guaranteed lifetime income that usually increases each year to protect you against inflation. If you are looking for Defined Benefit Pension Transfer advice, you need to talk to pension transfer specialists. People do this to gain the flexibility of pension freedom, though it means losing the benefits and guarantees of their existing pension. You are looking at giving up your ‘gold plated’ guaranteed for life income. Defined Benefit (DB) (or final salary) Pension Transfers: As a result of the new pension freedoms, the number of defined benefit pension transfers has increased as more people are attracted by the freedoms, flexibility and favourable death benefits. Fidelity will only accept transfers from defined benefit pension schemes if you have taken financial advice and the advice confirms that it is in your best interests to transfer. Your client, our risk. Making a Final Salary Pension Transfer can allow you to benefit from additional flexibilities when you retire. Company founder and principal pensions adviser David Boyce is a pension transfer specialist who will provide you with expert and impartial advice as to whether a transition from a defined benefit pension scheme to a defined contribution pension scheme is the most appropriate course of action for you. Instead of building up a pension pot over time, it provides you with a guaranteed annual income for life, based on your final or average salary (hence the name). Watch the video below for some additional information about pensions and pension transfers. Pension Advice Specialists Limited is Authorised and Regulated by the Financial Conduct Authority under registration number 792927. We take all the compliance risk, whilst you maintain your clients and ongoing servicing rights. You must consider whether you are prepared to exchange this safe guaranteed income for a lump sum to try and provide your income for retirement. The amount of money that savers are transferring out of defined benefit pension schemes has fallen, new data from the FCA has shown. Commentary from Steven Cameron on the new regime for advice on defined benefit transfers, effective from 1 October 2020. Final salary pension transfers explained Contact us today to see how Intelligent Pensions can help with your pension transfer. We’re one of a select few pension transfer specialists where an adviser has the qualification to manage a defined benefit transfer. We always offer a free no-obligation initial meeting. Defined benefit pension schemes provide members with a guaranteed income in retirement, which we consider important and valuable benefits for members of these schemes. A pension transfer value analysis (TVA) will be carried out to compare the benefits being given up from a defined benefit pension scheme with those that could be offered by a personal pension scheme. Pension rules say that if your transfer … Defined Benefit Pension Transfer Specialists. Defined Benefit (DB) (or final salary) Pension Transfers: As a result of the new pension freedoms, the number of defined benefit pension transfers has increased as more people are attracted by the freedoms, flexibility and favourable death benefits. Transferring out of an Occupational Pension. Having held various roles within the Defined Benefit pension transfer advice process, latterly as a Pension Transfer Specialist with one of the UK’s largest life companies, Darren joins PAS with a clear understanding of what key information is required to fully analyse a client’s circumstances and how to utilise this vast quantity of facts and figures to ensure the advice provided is clear, concise and balanced. Consolidating a Final Salary pension into a personal one. Please note, due to our current workload, we are not taking on any new cases at this time. We offer specialist, independent advice on Final Salary Pension transfers. For all pension transfers a detailed assessment is required of the relative merits of transferring and we undertake thorough due diligence before issuing our recommendations. Anyone looking to transfer a defined benefit pension with a value of £30,000 or more is required to take advice from a pension transfer specialist. Whether you're looking for guidance on your transfer options or no obligation advice on transferring your Final Salary Pension / Defined Benefit Pension, contact us for a free consultation Steven Cameron, Aegon’s Pensions Director said: “With the latest set of regulatory interventions for Defined Benefit (DB) transfer advice coming into force, all eyes will be on the impact on not just the quality but quantity of advice on offer. Anyone looking to transfer a defined contribution pension which has safeguarded benefits (some form of guaranteed pension e.g. Many clients are effectively giving up their rights to a guaranteed income for life in return for a … guaranteed annuity rates or an old with profits retirement annuity) with a value of £30,000 or more is required to take advice from a pension transfer specialist. However, if the scheme you’re thinking about transferring out of is a workplace defined benefit pension scheme (also known as a ‘final salary’ or ‘career average’ scheme) and the transfer value of your pension is more than £30,000, you’ll have to take professional advice from a regulated financial adviser.
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