How It Works: A Free Chat About Final Salary Transfers

Three steps, at your pace

1. A free 15-minute chat

Start with the short enquiry form so we can check we're able to help, then book a time that suits you.

Phillip Handley, a Chartered Financial Adviser with many years' experience in defined benefit pension transfer advice, explains in general terms:

how defined benefit pensions and transfer values work
what you would be giving up if you transferred
the FCA's starting assumption and the £30,000 advice rule
what regulated advice usually involves, how long it can take and how it is charged
questions you may want to ask an adviser

The chat is general information, not advice. Phil won't tell you whether a transfer is right for you.

2. You decide, with no time pressure

Take as long as you need. There is no follow-up pressure and no obligation. Many people decide to leave their pension where it is, and that is often the right outcome.

If you'd like to talk it through with someone else first, free, impartial guidance is available from MoneyHelper and Pension Wise.

3. An introduction, if you want one

If you decide you would like regulated advice, and we're able to help, we can introduce you to an FCA-authorised firm that holds the pension transfer permission.

The firm contacts you and explains its charges in writing before you agree to anything. You don't have to go ahead, you don't have to use the firm we introduce you to, and you can check any firm on the FCA Register.

Regulated advice on a defined benefit transfer is thorough and usually takes some weeks, partly because the firm needs detailed information from your scheme. The FCA's starting assumption is that a transfer is unlikely to be suitable, so a recommendation to keep your pension is a common result.

What we do and don't do

We do:

offer a free, no-obligation chat explaining how defined benefit pensions, transfers and the advice process work
answer your general questions in plain English
introduce you to an FCA-authorised firm with the pension transfer permission, if you ask us to
advise directly on pensions with guaranteed annuity rates (see below)

We don't:

give defined benefit pension transfer advice
give abridged advice, which is a shorter first stage of advice on a DB transfer
tell you whether a transfer is right for you
charge you for the chat
pressure you to take any next step

Who we can and can't help

We can arrange an introduction for people who:

live in the UK
are members of a funded defined benefit pension, such as a private-sector company scheme or the Local Government Pension Scheme (LGPS)
have not yet started taking that pension
have a transfer value of £50,000 or more, or are about to ask their scheme for one

We can't help with:

Unfunded public-sector schemes. Since April 2015, members of the NHS, Teachers', Police, Firefighters', Civil Service and Armed Forces schemes can't transfer to a defined contribution pension. Find out why.
Pensions already being paid. Once a defined benefit pension is in payment, it usually can't be transferred.
Transfer values under £50,000. We're not able to arrange an introduction. MoneyHelper offers free, impartial guidance.
People living outside the UK.

Pensions with a guaranteed annuity rate

Guaranteed annuity rates (GARs) are the exception. Some older personal pensions and retirement annuity contracts promise to turn your pot into an income at a guaranteed rate, which can be much higher than rates available today.

Phil can advise directly on pensions with guaranteed annuity rates through Arthur Browns, subject to suitability. Advice is chargeable, and we will explain our charges in writing before you agree to go ahead. Read about guaranteed annuity rates.

How we may be paid

Our chat is free. Arthur Browns may receive a fee from the firm we introduce you to if you become their client.

The firm will explain its own charges in writing before you agree to go ahead. Since October 2020, firms advising on defined benefit transfers must generally charge the same whether or not you transfer, with limited exceptions for serious ill health or serious financial hardship.

Free, impartial guidance

You don't have to use us. Free, impartial help is available from:

MoneyHelper, the government-backed money and pensions service
Pension Wise, free guidance on your pension options from age 50
the FCA Register, to check any firm before you deal with it

Protect yourself from pension scams

Pension scams can cost people their life savings. Be wary of:

cold calls, texts or emails about your pension
offers of a "free pension review"
promises of high or guaranteed returns
pressure to act quickly
offers to release cash from your pension before age 55 (rising to 57 from 6 April 2028)
overseas investments or unusual schemes

Check the FCA's ScamSmart site and the FCA Register before dealing with any firm. Read more about pension scams.

Important: Arthur Browns Wealth Management Ltd (FCA 825843) does not give defined benefit pension transfer advice. The FCA starts from the position that a transfer is unlikely to be suitable for most people, and a transfer cannot usually be reversed. See Important information.