There really is no way of knowing whether you should transfer your final salary pension without gaining a deep understanding of your personal circumstances. We speak to plenty of people who say they want to transfer out of their final salary pension scheme regardless of our view, but there’s logic to an adviser’s recommendation.
Our starting position is that a final salary pension scheme is primarily retirement income and in many cases we will recommend that you remain in the scheme if we think you will be worse off by leaving. If we can’t see solid evidence that you are not reliant on your pension for retirement income then the conversation is usually a short one.
However, transfer values are historically high at the moment due to low gilt yields. Clients with other means to fund their retirement could transfer out of their final salary scheme and have a lump sum to invest in line with their risk profile.