Is a final salary pension transfer right for you?

You now have more freedom over how you take money from your pension. Now is the time to review your final salary pension

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All of our Independent Financial Advisors are specialists in Final Salary Transfers and hold a G60 or equivalent qualification

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.

Learn more about your pension options and findout if we can help

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Find out if transferring your pension today would benefit you.

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Our expert advisors will analyse your case and provide your options.

Disclaimer *You voluntarily choose to provide personal details to us via this website. Personal information will be treated as confidential by us and held in accordance with the GDPR. You agree that such personal information may be used to provide you with details of services and products in writing, by email or by telephone.

Should I transfer my final salary pension?

Maybe, maybe not. The final salary pension is determined by scheme rules, there is usually a little flexibility in the rules such as the ability to take a lump sum, but the benefits are largely set by the scheme. Typical final salary pensions will pay an index linked income that will fall by 50% in the event of your death (if you have no qualifying partner the pension will cease). Most schemes will pay a pension for a minimum period of five years though. This structure will suit some people, but if your retirement plans fit this structure, then this is purely by chance. Taking a final salary pension transfer is an irreversible decision and it may not be suitable for you. We would urge all final salary scheme members to review their plans to ensure that they are suitable for their retirement.

Can everybody transfer a final salary pension scheme?

If you are a deferred member of a final salary scheme of a private company or in a funded final salary scheme, you have a legal right of transfer. You can apply for a Cash Equivalent Transfer Value (CETV) which is a cash alternative to the pension offered by the scheme. Please note that schemes do not have to provide a transfer value in the year before the normal retirement age of the scheme.

I want to review my final salary pension. How do I proceed?

In the first instance, you might find it useful to call us or send an email with a brief idea of what you are looking to achieve and we can direct you from there. It is always worth making an initial call to see if your circumstances would be acceptable for Pensionhelp to review your benefits.

From that point we will send our review pack to you, where we will gather detailed information about your circumstances and priorities. We will need to speak with you to complete our review. We may need to write to your pension schemes for further information. Once we have everything that we need, we will issue a formal report to you with advice. We will then discuss the report with you and help you proceed in line with our recommendation.

What are my options?

If you are a member of a final salary (or defined benefit) pension scheme you have alternative options to the scheme pension.

The scheme pension is set by the scheme rules. These may or may not be suitable for your needs. You may wish to look at your options

If you are under age 55

  • You can remain in the scheme and take no action
  • You can request a transfer value from the scheme
  • You can transfer to a private pension plan

If you are over 55

  • You can remain in the scheme and take no action
  • You may be able to take benefits directly from the pension scheme
  • You can request a transfer value from the scheme
  • You can use the transfer value to purchase an annuity type product
  • You can use the transfer value to transfer to a private plan
  • You can use the transfer value to transfer and take benefits from the fund
  • You can use the transfer value to take the entire fund as a lump sum

Can I take my pension now?

If you are over age 55, you have reached pensionable age. This generally means that you can take your pension benefits, although some schemes may not allow this or there may be penalties for taking benefits early

What is a cash equivalent transfer value (CETV)?

A cash equivalent transfer value (CETV) is the cash value placed on your pension benefits. This is the amount that is available to transfer to an alternative plan in exchange for giving up your rights under the scheme. It is necessary to apply for your CETV statement if you wish to consider transfer from the scheme.

Download our Guide to Final Salary Pensions

Download our Guide for in-depth, impartial information about Final Salary Pension Schemes to help you to decide what is best for you.

Final Salary Pension Transfer Advice

If you have a final salary pension, you will likely have read about the high transfer values that are being offered to some people. While the numbers may appear tempting, is the final salary transfer right for you? We are here to provide expert financial advice.

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 that you are able to weigh up the costs and the benefits of every possible scenario before you act so that you can make an informed decision.

Our team of experienced financial experts provide advice relating to final salary pension transfers, final salary pension schemes and CETV. We also provide advice to IFAs who are unable to supply final salary pension advice to their clients.


Mark Wilson

Managing Director

Darren Hardy-Dearness

Compliance Director

Kerry Wilson

Operations Director

Jill Lees

Client Services Manager

Vincent Jeffers

Pension Transfer Specialist Supervisor

Matt Amesbury

Pension Transfer Specialist

Richard Bamforth

Pension Transfer Specialist

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