Many large companies, such as Aviva – and others in the Private Sector – used to offer Defined Benefit (DB) or ‘Final Salary’ Pension schemes but they have become less common, as many organisations find them costly to support long term. You may be considering transferring your pension entitlements from your Defined Benefit scheme to a Personal Pension, but it is crucial that you take independent, unbiased advice before making a decision.
Many Defined Benefit schemes have valuable benefits that cannot be replicated in a Personal Pension plan. Each transferable pension fund will have a transfer value which may sound sizeable but – in some cases – the income you could realise from an annuity or flexible drawdown would not match the income offered under the Defined Benefit scheme.
Our qualified pension specialists are not incentivised to persuade you to transfer your funds.
As completely impartial advisers, we can investigate your options and ensure that you understand the implications of transferring your benefits if you decide to progress. In many cases, we may recommend that you remain with your Defined Benefit scheme but there are also situations where transferring a pension fund will be appropriate. You can read here about how we recently helped one of our SG Wealth Management clients decide his retirement options and whether or not to transfer his Defined Benefit pension.
To find out more about entitlements you have already accrued, and how your future pension benefits are calculated, please contact us. We will conduct a detailed analysis and thoroughly research your retirement goals before providing a comprehensive report summarising efficiencies and improvements to help you achieve your ambitions, plus advise you whether a transfer is suitable or not.
Click here for further guidelines on Defined Benefit pension schemes.
For impartial, unbiased advice on your pension options, contact one of our five Pension Specialists today on 01603 760866
Listen to our radio commercial, which recently aired on Smooth Norfolk Digital Radio!