If you have a defined benefit or final salary pension, you will likely have read about the relatively high transfer values that are currently being offered to some people. While the numbers may appear tempting, is the final salary pension right for you and how can you find out?
At Pensionhelp, we always give impartial and professional advice to people looking at their retirement options. However you decide to manage your money, it is important you are able to weigh up the costs and the benefits of every possible scenario before you act so you can make an informed decision.
In this guide, we will present you with the reasons for and against final salary pension transfer; how the CETV (cash equivalent transfer value) is calculated; how your yearly income is calculated; and how to make a successful transfer should you decide that this is the best option for you.
Deciding what to do with your pension is not a choice that should be made lightly, and this guide is just that - a guide. The information we are providing should help to educate you about your options so when you do go to speak to a pension advisor, you already have an idea of what you need to ask them about your own pension.
We have included an income calculator and infographics to help explain all the different aspects as clearly as possible.
If you have any further questions or would like to seek advice from a professional pension advisor, get in touch with us today.