Do you have a Defined Benefit pension?
Final salary pensions are designed to provide an income for life. Final salary or defined benefit (DB) pension transfers may be an option for some members of these schemes.
The transfer of a Defined Benefit (DB) scheme could be the single biggest financial decision you ever make and it’s vital to make the right decision to support you and your family in retirement. In order to move out of a final salary scheme, your adviser must be able to demonstrate that it is in your best interest. Wren Sterling is authorised to advise clients on the suitability of the options available.
Do I need to take advice for a pension transfer?
Transferring a Defined Benefit pension is a highly involved process that requires the creation of a specialist report and pension transfers can only be advised upon by specially qualified financial advisers.
The Government has made it a legal requirement to seek financial advice before you can transfer. This rule is there for your protection, and to make sure you are aware of all the advantages and disadvantages when considering a transfer.
How can I find out if a pension transfer could be right for me?
Arrange an appointment to see if a pensions transfer could be appropriate for you. The first appointment is always at no cost to you and all charges will be disclosed to you prior to any work taking place on your behalf. If you meet all the following criteria, we can potentially offer a Defined Benefit review:
- you are resident in the UK and
- at least 50 years old (or younger if your life expectancy is severely limited) and
- you are a Deferred Scheme Member and have not opted out without advice, or you are an active member but your life expectancy is severely limited.