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?

    The decision whether or not to transfer out of your Final Salary Pension depends on many different factors, including what type of pensions you have, how much they are worth, and whether they have any special guarantees and most importantly, what are your needs and objectives.

    This is an extensive task, that takes much consideration. However, this is where we can help. At Pensionhelp, we have experienced advisers that can help you to build a clear picture of your pension arrangements.

    We will then be in a position to say whether pension transfer or staying in your current pension is best for you and provide expert, independent advice that suits your retirement plan.

    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?

    Before giving any advice, Pensionhelp offer a pre-advice ‘triage’ service. This is a process where we will give you information about the pros and cons of a defined benefit pension and consider the type of people who would generally transfer away from this type of scheme. There is no charge for this service. The triage area also details the charges that we will make if we provide advice to you. At the end of this process you can decide if you wish to take advice from us.

    In the first instance, if you contact us by telephone or using the ‘contact us’ form, we will take some details from you and provide you with a log in to our dedicated ‘triage website’

    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 clients of IFA’s 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

      Rachel Holden

      Paraplanning Manager

      Vincent Jeffers

      Pension Transfer Specialist Supervisor

      Richard Bamforth

      Pension Transfer Specialist

      Graeme Fountain

      Business Development Manager

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      Important Notice: Pensionhelp do not guarantee, and have never guaranteed to meet any Transfer Value Expiry Dates. Our role is to provide financial advice to clients. This involves gathering information from clients and third parties. We cannot confirm suitability of advice until we have all of the information required and on occasion this means that we are unable to meet deadline dates. Due to high volumes of work, and the potential disruption due to Coronavirus, it is now more likely that expiry dates will not be achievable. On occasion new transfer values will need to be obtained, schemes may charge for this, and new transfer values may be lower than existing ones. Pensionhelp accept your case to review on the basis that you understand that we do not guarantee to meet any deadline dates.

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