Rewrite your own rules. Defined benefit pensions have fixed terms that have little to do with your circumstance. Your rules mean more flexibility and control over your pension fund based on your needs now and for your future.
If you find the option to draw a much larger tax-free cash lump sum appealing, then moving from a defined benefit pension may suit you. Extra tax-free cash entitlement from a Final Salary Transfer scheme allows a more generous pay out.
Defined benefit schemes are based on the assumption that everyone in the scheme is married and takes no account of your child or marital status. Transferring gives you the advantage of passing the full fund value to beneficiaries outside your estate.
If your employer becomes insolvent, the pension is transferred to the Pension Protection Fund that may restrict your pension to a maximum of £33,678 or 90% of the pension if lower.
We must firstly understand what you are trying to achieve and why and then discuss how we can help. This will involve looking at your current circumstances and objectives. At this stage we will confirm whether we believe we can assist or not and if so agree our fees with you.
Having agreed to proceed we will then need to complete our online questionnaire which will help us to understand your circumstances and ensure that we give you the very best advice. We will also need to obtain your consent to talk to the scheme administrators as soon as possible so that we can properly assess your final salary pension, as this can take a number of weeks to complete.
Once we have all the relevant information from the scheme and having reviewed this along with our discussions with you about your needs and objectives, we will then put together a transfer analysis which will look at all aspects of a potential transfer. This will provide you with the pros and cons which we will then talk through with you so that we can determine the best way forward.
Following our discussions we will then make a formal recommendation in writing confirming the agreed course of action and why. This will either be to transfer to an appropriate pension or not to transfer and remain in the scheme. At this stage we will also set out our investment proposals as most of our clients use our investment management service.
This stage will only apply if a transfer has been recommended and we will assist you in implementing the transfer to the new provider.
Reviews are an essential part of making sure your investments remains on track whether you , us or a third party are managing your funds. This is a core part of our offering and as such we highly recommend that you discuss your ongoing needs with us. We offer a comprehensive risk managed investment proposition that is actively managed by our investment team.
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