Defined Benefit/Final Salary Pension Transfer Specialists
Defined Benefit/Final Salary Pension Transfers involve giving up guaranteed retirement benefits in return for an amount of money now. In retirement planning, this is arguably one of the most important areas to take good advice. This is why the Financial Conduct Authority requires you to do so.
Our clients choose us to transfer a Defined Benefit/Final Salary pension because:
- We’re a Chartered Firm, which means we’re held to exceptionally high standards of client outcomes.
- We specialise in Defined Benefit/Final Salary Pension Transfers. It’s what we work on every single day.
- We’re part of the Quilter Financial Planning network, giving you access to some of the most valuable financial planning resources available.
- We’re a friendly team, who understand that your lifestyle, family and future are all part of the financial decisions you make.
An initial pension transfer consultation gives you a better idea of whether you’ll be eligible for a DB/Final Salary transfer. Call us on 01952 279 379 or visit our contact page for more options.
how a pension transfer works
A pension transfer starts with an initial consultation in which we’ll ask a few simple questions to understand the pension(s) you have and the reasons you’re considering a pension transfer. After this, we’ll follow these steps:
- Initial Adviser Consultation – You’ll speak to one of our specialist Defined Benefit/Final Salary pension transfer financial advisers. They will ask you questions about your pensions and your circumstances to understand whether you’re eligible for a pension transfer.
- Documents & Information Gathering – We’ll ask you for certain documents that allow us to contact your pension scheme and for compliance with various rules. We’ll conduct a ‘fact-find’ in which we build a picture of your finances.
- Begin your Pension Transfer – If we believe that a pension transfer may be in your best interests, we’ll begin your transfer. If not, we’ll let you know at the earliest stage.
- Transfer Complete – We’ll keep you updated along the way and let you know if we need further information and we’ll take care of everything. Your adviser will contact you once your pension transfer is complete.
could you be eligible to transfer your defined benefit pension?
A decision regarding whether you will receive a recommendation to transfer your defined benefit pension can only be confirmed after a comprehensive review of your financial situation. The following points, amongst other complex variables, are used to assess whether you’re eligible.
- The value of your pensions. This is very important as there are rules surrounding the values that are being transferred.
- Your age and retirement intentions. How close you are to retirement and your wider retirement planning are relevant
- The need to transfer your defined benefit/final salary pension. It’s often necessary to demonstrate a need to transfer a defined benefit/final salary transfer, in order to satisfy regulatory criteria.
Defined benefit/final salary pension transfer FAQs:
It’s important that you’re fully informed before transferring a pension and you’ll be given as much time as you need to talk to your adviser and ask questions.
Here are some common questions our clients ask before transferring their DB/Final Salary pension:
How do I find out the transfer value of my defined benefit pension?
Your existing pension scheme will be able to provide this. We recommend talking to us before asking for an up-to-date transfer value as these values have an expiry date.
Do I have to take financial advice to transfer my Defined Benefit/Final Salary pension?
The rules around pension transfers are complex, but if the value of your defined benefit pension is over £30,000, you are normally legally required to seek advice from a regulated financial advisor.
How long does the transfer process take?
It varies depending on many factors. Normal timescales are often between three and six months from start to finish. As specialists in transfers, our processes are designed to minimise delays and our experience means we can foresee and resolve complexities before they cause delays.
How much does it cost to transfer my Defined Benefit pension?
This is calculated based on several factors including the value of your pension. We’ll be able to offer you an accurate and transparent quotation at the outset so that you’re fully informed before proceeding.
