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.
A Defined Benefit scheme guarantees specific benefits on retirement, whatever the market conditions, and your pension benefits are accrued according to your salary and length of service.
Due to current market conditions, we have seen some historically higher pension values from some organisations. 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. Our latest radio campaign on digital radio station Smooth Norfolk tells you more…..
Our qualified pension transfer specialists are not incentivised to persuade you to transfer your funds.
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.
As completely impartial advisers, we can investigate your options and ensure that you understand the implications of transferring your benefits if you do 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.
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 four Pension Transfer Specialists today on 01603 760866