defined benefit pension transfer specialists

Pension Advice Specialists Limited is registered in England and Wales under company registration number 10828883. Pension Advice Specialists (PAS) provide a robust, unbiased and client-focused advice service for those looking at transferring their UK Defined Benefit pension schemes. Making a Final Salary Pension Transfer can allow you to benefit from additional flexibilities when you retire. They provide a guaranteed retirement income, offering certainty to retirees but, because they are very … The amount of money that savers are transferring out of defined benefit pension schemes has fallen, new data from the FCA has shown. Our registered office is at First Floor, Marshall House, 2 Park Avenue, Sale, M33 6HE and our VAT registration number is 318145416. We offer specialist, independent advice on Final Salary Pension transfers. Transferring out of an Occupational Pension. It may also continue being paid to your partner at a reduced rate when you die. Transferring away from your defined benefit pension is a big, irreversible decision and so should not be taken lightly. Our advisers are pension transfer specialists that will work with you to optimise the best outcome for your pensions. We have a team of dedicated pension transfer specialists and have advised on over 10,000 DC and DB pension transfers. Your client, our risk. Established in 2007, we are pension transfer specialist authorised by the Financial Conduct Authority. Many clients are effectively giving up their rights to a guaranteed income for life in return for a … Since the arrival of pension freedom, it has been possible for people with a defined benefit (DB) / final salary pension to transfer it into a defined contribution pension. People do this to gain the flexibility of pension freedom, though it means losing the benefits and guarantees of their existing pension. Pension Advice Specialists (PAS) provide a robust, unbiased and client-focused advice service for those looking at transferring their UK Defined Benefit pension schemes. Defined Benefit (DB) (or final salary) Pension Transfers: As a result of the new pension freedoms, the number of defined benefit pension transfers has increased as more people are attracted by the freedoms, flexibility and favourable death benefits. Advice on whether to transfer a DB pension is complex and requires specialist resources. Defined benefit pension transfer charges are being put under the microscope again as the regulator turns over more potential conflicts of interest. Intelligent Pensions are proud to hold the Pension Transfer Gold Standard and are committed to providing advice in accordance with the principles of the standard set by The Personal Finance Society. PX Pension Exchange specialise in providing pension transfer advice on defined benefit and final salary pensions. However, if the scheme you’re thinking about transferring out of is a workplace defined benefit pension scheme (also known as a ‘final salary’ or ‘career average’ scheme) and the transfer value of your pension is more than £30,000, you’ll have to take professional advice from a regulated financial adviser. Defined Benefit Pension Transfer Specialists. Defined benefit pensions are commonly found in both the public and private sector. Pension transfer specialists offering advice and guidance on defined benefit pension transfers. Traditionally, they were common within industries such as oil, gas, chemicals and engineering. Defined Benefit (DB) (or final salary) Pension Transfers: As a result of the new pension freedoms, the number of defined benefit pension transfers has increased as more people are attracted by the freedoms, flexibility and favourable death benefits. The DB Pension Transfer Bureau designed for Professional IFA’s. Anyone looking to transfer a defined benefit pension with a value of £30,000 or more is required to take advice from a pension transfer specialist. However, in the modern world, they are more common in public sector roles such as teachers, NHS workers, emergency services, the armed forces and many others. Our review service will undertake thorough analysis of each pension arrangement and will issue a report specifying whether you should move your pension to a better arrangement or should leave it where it is. Pension Advice Specialists Limited is Authorised and Regulated by the Financial Conduct Authority under registration number 792927. If you are looking for Defined Benefit Pension Transfer advice, you need to talk to pension transfer specialists. We’re one of a select few pension transfer specialists where an adviser has the qualification to manage a defined benefit transfer. “I have dealt with Intelligent Pensions for some years now  - they are warm, put you at your ease and explain matters simply and honestly and always backed up with factual charts. In total, around £20.1 billion worth of defined benefit pensions were advised to transfer between 2018 and 2020, … A pension transfer value analysis (TVA) will be carried out to compare the benefits being given up from a defined benefit pension scheme with those that could be offered by a personal pension scheme. Having held various roles within the Defined Benefit pension transfer advice process, latterly as a Pension Transfer Specialist with one of the UK’s largest life companies, Darren joins PAS with a clear understanding of what key information is required to fully analyse a client’s circumstances and how to utilise this vast quantity of facts and figures to ensure the advice provided is clear, concise and balanced. Deciding whether to transfer a defined benefit pension is one of the hardest financial decisions a person may have to make. A significant part of our business is advising on pension transfers whether it be transferring from a private pension arrangement or a company scheme. The government insists that appropriate financial advice from a suitably qualified adviser must be taken before you can transfer defined benefit pensions worth £30,000 or more. We are FCA regulated Pension Transfer Specialists, with a wealth of expertise and specialist knowledge in this area, allowing us to work closely with UK and overseas IFAs, in order to ensure that your clients are getting the best advice possible in relation to their UK Defined Benefit Pension. Fidelity will only accept transfers from defined benefit pension schemes if you have taken financial advice and the advice confirms that it is in your best interests to transfer. Watch the video below for some additional information about pensions and pension transfers. If you care to check back with us later in 2021 we will be pleased to hear from you. Any member/employee with DB (defined benefit) pension benefits over £30,000 and looking to transfer to a DC (defined contribution) arrangement will need to receive formal regulated advice from a 'pension transfer specialist' before the scheme can effect the transfer. Glasgow 0141 352 7800 | advice@hendersonstone.co.uk You are looking at giving up your ‘gold plated’ guaranteed for life income. For all pension transfers a detailed assessment is required of the relative merits of transferring and we undertake thorough due diligence before issuing our recommendations. A defined benefit or DB pension (also known as a final salary pension) is a special type of workplace pension. Please … Steven Cameron, Aegon’s Pensions Director said: “With the latest set of regulatory interventions for Defined Benefit (DB) transfer advice coming into force, all eyes will be on the impact on not just the quality but quantity of advice on offer. © 2021 Pension Advice Specialists Limited. Commentary from Steven Cameron on the new regime for advice on defined benefit transfers, effective from 1 October 2020. Defined benefit pension schemes provide members with a guaranteed income in retirement, which we consider important and valuable benefits for members of these schemes. The new requirement states that where the cash equivalent transfer value of your benefits in any scheme are greater than £30,000, you must obtain appropriate advice from a UK regulated pension transfer specialist before you will be permitted to transfer to a scheme with flexible benefits. We are FCA regulated Pension Transfer Specialists, with a wealth of expertise and specialist knowledge in this area, allowing us to work closely with UK and overseas IFAs, in order to ensure that your clients are getting the best advice … We take all the compliance risk, whilst you maintain your clients and ongoing servicing rights. Anyone looking to transfer a defined benefit pension with a value of £30,000 or more is required to take advice from a pension transfer specialist. Company founder and principal pensions adviser David Boyce is a pension transfer specialist who will provide you with expert and impartial advice as to whether a transition from a defined benefit pension scheme to a defined contribution pension scheme is the most appropriate course of action for you. Figures from The Pensions Regulator show that in 2018/2019 alone over £34 billion was transferred out of Defined Benefit Pension Schemes. A Defined Benefit pension transfer is the consolidation of your DB scheme into a private pension arrangement. Demand for transfers out of these gold-plated pensions schemes was driven mainly by high transfer value offers and the flexibility and freedoms offered within defined contribution arrangements that are not available within a Final Salary pension … You must consider whether you are prepared to exchange this safe guaranteed income for a lump sum to try and provide your income for retirement. Defined Contribution (DC) Pension Transfers: High charges and/or poor investment performance can be the scourge of many pension plans. If you care to check back with us later in 2021 we will be pleased to hear from you. Anyone looking to transfer a defined contribution pension which has safeguarded benefits (some form of guaranteed pension e.g. Consolidating a Final Salary pension into a personal one. Defined Benefits Pensions, which are also known as Final Salary Pensions and ‘DB Pensions’ were provided by employers for a long period of time.

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