Please be aware! Rules around defined benefit pension transfer fees have changed since October 1st, 2020. You can read about them here… New non-contingent charging for defined benefit pension transfers.
Client Circumstances Necessary for Advice on Defined Benefit Pension Transfer: Due to these changes we will only offer advice on Defined Benefit pension transfers if you are a resident of the UK and you fulfil one of the criteria listed here:
1. You are within 12 months of retiring and need to draw income for retirement support.
2. You have serious ill health or are in extreme financial difficulty with no other practical solution.
3. You wish to purchase a commercial property within a SIPP, to support your own existing profitable business.
4. Your Defined Benefit pension scheme is superfluous to your income needs and a transfer is for the purpose of succession planning.
For further information we recommend you read our Defined Benefit Self-Triage Client Guide. This guide will help you better understand your scheme, including the benefits and drawbacks it may have, and will help you decide whether you want to take advice on your pension.
The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
Our pension transfer specialists hold the required qualifications to provide defined benefit pension transfer advice. They offer a full and objective professional appraisal so you can make an informed choice.
- We are part of Quilter Financial Planning – No.1 in the FT Adviser Top 100 Financial Advisers Awards 2020 & 2019
- Free over the phone guidance*
- Full professional appraisal
- Capped initial charges for larger transfers
- Competitive ongoing fees
- Wide range of investment options
* Any work you ask us to carry out as a result of this meeting will be fee based.
** Any work you ask us to carry out as a result of this meeting will be fee based.
Defined Benefit pension transfers have become more attractive to some people, but not to everyone, due to the historically high values as a result of low interest rates/gilt yields. On top of this the weak funding position that many occupational schemes are declaring have concerned some deferred members, especially those with larger benefits who would lose most, if their scheme was forced to enter the Pension Protection Fund.
Since placing my pension and personal financial arrangements in the hands of Henderson Stone, what previously to me was a dark art is now something I hardly have to think about. With sound and informed advice from Kieran McKillop, I have been able realistically to bring forward my intended retirement by around 4 years. Their product and market knowledge has been invaluable in helping me choose the correct options for my circumstances and aspirations, resulting in a reliable and stable portfolio to see my family through to my retirement and beyond. I have no hesitation in recommending them to any individual who, like me, needs to be shown the way in this often bewildering world of personal finance.
– Peter M, Perthshire
If you would like to transfer out of your Defined Benefit pension scheme and the cash equivalent transfer value is £30,000 or over, you are required to seek regulated financial advice. Transferring a pension means giving up guaranteed benefits which won’t suit most people. A pension transfer specialist will make you aware of all the risks as well as all the advantages and disadvantages relating to your particular circumstances.
To arrange an initial meeting* at our expense call us on 0141 352 7800 or message us through our contact form including a contact number and the best time to call, and one of our advisers will be in touch shortly.
Defined Benefit Transfer Self-Triage Client Guide
New Non-Contingent Charging For Defined Benefit Transfers