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…
I was approached by a client who had a Defined Benefit Scheme from employment many years ago. The scheme had written to him and disclosed a potential Cash Equivalent Transfer Value (CETV) of £140,000 or an annual income in 3 years of £5,800. Until this point, my client hadn’t realised there was a cash value to…
Billions of pounds worth of pension assets are changing hands today in the UK. Several factors are behind the change including regulatory changes and new demands from investors. What do these changes mean for you and your financial future? Pension Transfers In The News What exactly is happening when it comes to pension fund transfers?…
The FCA is considering the revision of the calculation of redress an entity has to pay in case of unsuitable advice given to a client regarding joining a private pension scheme. According to the officials at the Financial Conduct Authority (FCA), the current methodology that is used to calculate the redress does not provide the…
There have been mumblings of a total ban on private sector defined benefit pension transfers in the last few days. The calls come amidst a marketed increase in requests from people to move their cash out of occupational defined benefit schemes since the pension reforms. The government put a ban on unfunded public sector schemes…
Those with final salary of defined benefit pension plans, who were looking to transfer their benefits may be in luck. The vote to leave the EU has, as experts predicted, had some negative economical effects. One of which resulted in gilt yields falling to historic lows. Why is this important? Well, gilt yields are largly…
A client approached me with a defined benefit scheme from a previous employer. He was being offer £8,240 income per year at 65 and wanted to know if there was anything else he could do with his scheme. I requested a Cash Equivalent Transfer Value (CETV) on behalf of the client and 3 weeks later…
A client approached me with a small Defined Benefit scheme he had forgotten about. He already had enough other secured pension income through his forced pension and didn’t feel the £2,500 being offered through the scheme Defined Benefit scheme at age 65 would be any use to him. He wanted to clear his mortgage which…
