A Pension Transfer Specialist is a UK qualified adviser who has taken additional qualifications to advise on pensions with safeguarded benefits. Essentially, pensions with a promise to pay pension benefits can only be advised upon by an adviser who has the relevant qualifications. The caveat to this is if the benefits are less than £30,000,…

Abridged advice is designed to help advisers filter clients for whom a pension transfer is unlikely to be suitable. It provides a mechanism to engage with someone who wishes to discuss their possible defined benefit transfer, but without going into full advice and most importantly committing the client to the full costs of advice. It…

This is a question I get asked by many clients that what affects affects benefit transfer Values Should I transfer now or wait for the value to go up in the future? The short answer is that we don’t know. What we do know is that there are many factors that affect a defined benefit…

Learn more about transferring assets here I reviewed a client who had concerns over their Defined Benefit Scheme’s suitability. They were considering a transfer for a number of reasons and wanted to understand the benefits and implications of it. One of their main concerns was their current schemes health. Three years previous, they had been…

The lifetime allowance (LTA) used to be out of reach for most but is now being factored in more and more with those looking to transfer out of a defined benefit scheme. The lifetime allowance is the maximum allowable to be saved into a pension without paying an additional charge current allowance is £1,073,100 (2021-2022),…

I welcome the move from the Financial Conduct Authority (FCA) to publish a video helping those considering transferring out of Defined Benefit/Final Salary Pension Schemes. The video highlights the process which financial advisers should follow when providing advice on your pension. It provides a guide to the information an adviser should provide you with and…

Since the dawn of pension freedoms and the ability for those in defined benefit schemes to transfer their funds into a defined contribution arrangement, a record number of transfers have occurred. Taking the decision to move out of a guaranteed income scheme to one which is reliant on stock market performance isn’t a decision to…

Guaranteed Minimum Pensions (GMP) came about when employees opted their employers out of the State Earnings Related Pensions Scheme (SERPS) between 1978 and 1997. The common pension vehicle for this was Defined Benefit/Final Salary Schemes, where benefits were built up alongside employee benefits. In 1990, it became law that all UK pension schemes should allow…

I received a contact request through this website for a man who had just received his transfer value. He was surprised at the figure and immediately thought he needed to transfer this into his own name so it was ‘safe’. After speaking to him at length, it became apparent that his main objective was to…

We are currently in a period where defined benefit schemes are being transferred in record numbers. Low long term gilt yields are fueling an unprecedented demand to forego the safeguarded benefits within such schemes for more flexible access to a pension pot. Just last week, one of the largest pension administrators, JLT Employee Benefits, said…

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