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Pension Transfer or Cash in your final salary pension?

New Options

Under the new flexibility options, you will have the right to pension transfer your Final Salary Pension into a Personal Pension. Once your Final Salary Pension is transferred into a Personal Pension, you will have the options for taking benefits in a flexible way or you could Cash In the entire pension. This route is not suitable for everyone, nor is taking the benefits directly from the Final Salary Pension Scheme.

This is a potentially significant decision and it can be a complex assessment to see whether the benefits you are giving up outweigh the transfer value offered. It is important that you understand the implications of any decisions you take and we recommend that you take advice before proceeding with any option. Please refer to our Case Studies and our Frequently Asked Questions which may assist your understanding of your options and how we can help.

Cashing in your pension, or unlocking it, is the process of accessing your entire pension pot. This option is not generally available directly from a Final Salary pension scheme, so you would have to transfer your benefits to a moneypurchase type scheme (such as a Personal Pension) and then Cashing your benefits in or taking them in a flexible manner.

Flexible access

In April 2015, those over 55 gained the opportunity to withdraw their pension as a lump sum and use their pot however they see fit.

Are there risks with transferring or cashing in my Final salary Pension?

Yes and these risks are significant. These options involve moving away from a retirement income for life and your decision could affect your entire retirement. Transferring and cashing in your Final Salary Pension Plan is suitable for some individuals, but we suggest that you take advice before taking any decision. Please click here to see how to use our final salary pension transfer service.

Should I  transfer or cash in my pension?

There are a number of circumstances in which it makes good financial sense to cash in your pension. This includes members who wish to settle debt, if you are not in the best of health or it may be that you have guaranteed income elsewhere and wish to use a pension to enjoy yourself.

Any major decision of this kind should only be made after consultation with a pension expert. This is a service that we are proud to offer, so if you would like to learn more then please get in contact today.

Disclaimer: Final Salary Pensions are suitable for the vast majority of members. Transferring from a final salary pension scheme is an irreversible decision and it could have a detrimental effect on your retirement planning. The detail on this website is for information purposes only and is not to be taken as a personal recommendation. Before taking any action, you should take financial advice from a suitably qualified independent financial adviser. Any potential advantages of transferring from a defined benefit scheme to a defined contribution scheme are often outweighed by the costs, risks and loss of benefits involved.


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