Brighter Financial Services Limited

Final Salary Pension Transfer Review

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Final Salary Pension Transfer Reviews

Brighter Financial Services Limited have been granted authority by the FCA to provide transfer advice on final salary pension schemes. This status can be identified at theĀ FCA Website

A Final Salary Pension scheme is one where the amount you have been offered in retirement is guaranteed. The benefits that these schemes offer often outweigh the benefits of transferring out of such schemes.

Some pension transfer values can be very high but we do not merely consider this aspect when considering a transfer as there are a number of very valuable benefits that a scheme can offer that must not be over-looked in the review.

How do you decide to have a final salary pension transfer review?

Quite simply the decision is not that easy. We advise our clients to consider the facts before proceeding:

Fact 1: The FCA believe that the current model of adviser charging has resulted in an inflated number of transfers taking place, as the adviser only is paid once a transfer is completed. This, they believe, has created a conflict of interest as advisers are more likely to advise clients to transfer than not transfer as a result.

Fact 2: All our clients receive the same service from us, regardless of service type. Pension transfer reviews, as with all our interactions with clients, are conducted with integrity and with your needs and objectives at the centre of all our decision making processes. We have therefore advised a similar number of clients not to transfer their pension, as clients we have advised to transfer their pension.

Fact 3: The industry has now been advised by the FCA that as from October 1st contingent charging will be banned. This means that whether or not the transfer goes ahead there will be a charge for our services, even if you are advised against transferring away from your pension.

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Considering a final salary pension transfer review

If you wish to go ahead we can help you by:

  • Asking you to complete our initial assessment questions. The answer to these will give us some idea as to whether or not we should proceed, but there are no guarantees of outcome
  • Asking you to complete a detailed fact find and determining whether you have any specific issues that may suggest a review is in your favour.
  • Discuss your specific circumstances with you so that we can help you make the decision to go ahead, in the knowledge that the outcome may not be to transfer.

If you would like to here how we approach final salary pension transfer reviews, please call Ross McFadzean on 01422 832100 or click here to email us