Ross McFadzean is our Chartered Financial Adviser who has been granted authority by the FCA to provide transfer advice on final salary pension schemes. This status can be identified at the 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. Currently, as interest rates are at an all-time low, we are advising people who hold a final salary pension scheme to contact us as it could be within their interests to transfer out of the scheme - Strike while the iron is hot
A transfer out of a Final Salary Pension scheme could be for a number of reasons. Here are a few:
A Final Salary Scheme is index-linked (which means that it increases with inflation). At retirement you will have the choice to take the pension as annual income or as reduced income, if you choose to take some of the pension as a tax-free lump sum.
If you have worked in the public (or private sector) where a Final-Salary Pension scheme was offered you may be eligible to consider all options at retirement, including a transfer-out of the scheme.
What we will do………
If you are close to retirement, have a Deferred Final-Salary Pension or a combination of personal pensions and a final salary scheme; accessing your retirement funds needs careful consideration and seeking advice from a qualified adviser, holding the right pension qualifications, is invaluable.