Pension Transfers

The world of pensions and pension transfers is wide and varied, and for many, it can be complex and confusing. Pension arrangements in whatever form, final salary (defined benefit) or money purchase (defined contribution), are designed to provide valuable retirement benefits, so they need to be set up and managed very carefully if they are to deliver real value in the years ahead. 

Throughout a working lifetime it is commonplace for people to build up pension provision in a number of arrangements as they change jobs and/or employers and it is this situation that often leads to inadequate pension provision being maintained and poor ongoing fund management. 

As a result, people of all ages are now considering how best to ensure their pensions are fit for purpose, and whether it would be in their best interests to stay put or to transfer them to an alternative arrangement that offers fund consolidation and access to flexible retirement options. 

If you are considering a transfer of your pension(s), final salary and/or money purchase, it is extremely important to seek suitably qualified and authorised financial advice before you commit to a course of action. In fact, if you are considering the transfer of a final salary pension and its fund value is worth £30,000 or more, it is compulsory that you seek advice from a suitably qualified and authorised adviser.

Whatever your situation and whatever your initial leanings, it is important to consider the pros and cons of your current pension arrangements with the potential alternatives. To help in that process we have produced a booklet entitled 'Your Retirement Options Explained' which will take you through the options available and help you at an early stage to understand what each course of action would mean to you.

If after reading the booklet, you wish to progress to a more detailed discussion and personalised analysis of the options available to you, please contact us, we will be pleased to assist you.

Prism Financial Advice Limited is suitability qualified and authorised to advise clients on the suitability of transfer of final salary pension schemes. 

Please Note: Final salary pensions (defined benefit) carry valuable guarantees, which will be lost if you transfer out to a personal pension (defined contribution). You should seek authorised and regulated advice before committing to a course of action, and only transfer if it can be shown that it is in your best interests to do so. 

See - Your Retirement Options Explained