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.