Defined Benefit Pension Transfer Advice

Pension Transfer Specialists
Glasgow based, UK wide advice

Would a Defined Benefit Pension Transfer be right for you?

You may benefit from the increased flexibility around taking tax free cash and income, as well as improved death benefits.

Where we can help

  • An initial consultation at our expense*
  • Pension transfer customer education guides
  • Abridged, low-cost advice service
  • Outline the risks, advantages and disadvantages, relating to your particular circumstances 
  • 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.

If your cash equivalent transfer value is £30,000 or over, you are required to seek financial advice.  Transferring a pension means giving up guaranteed benefits which won’t suit most people.

Client circumstances generally necessary for advice

Due to the new non-contingent charging changes (see below) we will generally only offer advice on defined benefit pension transfers if you are currently within the UK and fulfil one of the criteria listed here:

  • You are within 12 months of retiring, have relevant investment experience, and need to draw income for retirement support.
  • You have serious ill health or are in extreme financial difficulty with no other practical solution.
  • You wish to purchase a commercial property within a SIPP, to support your own existing profitable business.
  • Your defined benefit pension scheme is superfluous to your income needs and a transfer is for the purpose of succession planning.

UK expats – we can only give advice if you are currently within the UK.

A member of Quilter Financial Planning,
an Award Winning National Network of Financial Advisers

Part of Quilter, a FTSE 250 company with £119.9 billion in customer investments (as at 31 March 2021).

New non-contingent charging for defined benefit pension transfers

Please be aware, rules around defined benefit pension transfer fees have changed!

The FCA have ruled that from the 01.10.2020 all defined benefit (final salary) pension transfer advice must be provided on a non-contingent basis, except in some very limited circumstances. This means;

  • Irrespective of the outcome of the advice, the client will be paying the same fee.
  • If the outcome is not to transfer, this fee will be liable for VAT, costing the client more than a recommendation to transfer.

Contingent charging will be banned in most circumstances, with only those consumers who do not have the money available to pay for advice AND are either in serious ill health OR serious financial difficulties.

Abridged Advice

From October 1st, 2020 we will be able to offer a short form of advice, known as ‘abridged advice’. This is a simpler ‘low cost’ advice process which will only determine if a transfer is either unsuitable, or that it’s not possible to make a conclusive recommendation on the information provided. 

This service still requires an extensive discovery meeting. We charge a fixed fee of £250 plus VAT payable on receipt of our written report. If you proceed to full advice the cost of the abridged advice (excluding VAT) will be discounted from the full advice fee.

Contact us to request our Defined Benefit Client Education Guide. The 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. Read more here defined benefit transfer client education guide.

Get in touch

Book a free initial consultation* over the phone by calling us on 0141 352 7800 or filling in the form below.

Transferring out of a Defined Benefit scheme is unlikely to be in the best interests of most people.
The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

“…invaluable in helping me choose the correct options for my circumstances…”

"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

Ask a question or request a no-obligation initial consultation at our expense*

    * Any work you ask us to carry out as a result of this meeting will be fee based.

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