What about defined benefit (DB) transfers?
If you have a defined benefit pension or final salary pension worth over £30k, and are considering transferring away from this scheme, you may need the help of an adviser to find out watch your options are, and help you make the switch.
Remember: Final salary pensions are designed to provide an income for life. In order to move out of a final salary scheme, your adviser must be able to demonstrate that it is in your best interest.
Should I consolidate my pensions?
Penalties, exit charges or benefits may be lost if you transfer your pension, so it’s important that you fully understand your options and make a choice that’s appropriate for you. If you’re wondering whether or not to consolidate your pension, bear in mind that this decision will depend on your individual situation – when you plan to retire, how many pension pots you have, what they’re worth and their terms, your family and their aspirations – the list of considerations is endless, but they cannot be ignored if you’re to make the right decision for you.
How an independent financial adviser can help
We would recommend seeking help from an independent financial adviser before you make any decisions about your pension – as you may not be able to reverse your actions. An adviser can help you calculate when you will be able to retire, review all your pension schemes, and discuss your motivations to help you achieve your retirement goals.
By taking professional advice, you can gain confidence in your retirement plan, and be sure that you’re taking the most appropriate course of action for you.
If you’re looking to review your pension provision, hoping for a better return on your investment, or wondering what your options are for consolidating your pension, you can get in touch with one of our financial advisers for a pension review
The value of your investment can go down as well as up and you may not get back the full amount invested.
Accessing pension benefits early may impact on levels of retirement income and is not suitable for everyone. You should seek advice to understand your options at retirement.