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.

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.

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.

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

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

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.