Is It A Good Idea To Transfer Final Salary Pension? 🧐

Is it a good idea to transfer Final Salary Pension? It's a question with no one-size-fits-all answer. For some individuals, making a final salary pension transfer could be a brilliant move, potentially offering greater flexibility and control over retirement funds. For others, it might lead to regret as they move away from the guaranteed income provided by Final Salary schemes.

The complexity of this decision is significantly highlighted by the stances of the Financial Conduct Authority and The Pensions Regulator. These authorities generally advise against pension transfers for the majority of pension holders, suggesting that for most, the security and benefits of staying put outweigh the potential advantages of moving to a different pension arrangement. Yet, the allure of a transfer persists for many, driven by personal financial goals, circumstances, or the desire for increased control over investment choices.

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Deciding whether to transfer your Final Salary Pension is complex and highly personal, influenced by individual financial situations and goals. Careful consideration and professional advice are crucial, ensuring that any decision to transfer is well-informed and aligns with both personal circumstances and financial objectives.

Key points of the video:
1. Introduction to Final Salary Pensions
- Highlights the significance of understanding the nature of Final Salary Pensions and their lifelong benefits.

2. The FCA and Pensions Regulator's Stance
- An important discussion on why these regulatory bodies generally advise against pension transfers for most people.

3. Potential Reasons For Not Transfer
- Outlines the intrinsic value of Final Salary Pensions, including guaranteed growth and inflation protection.

4. Potential Reasons for a Transfer
- Explores why some individuals still consider transferring their pensions, touching on flexibility, inheritance planning, and investment control.

5. The Importance of Professional Advice
- Underlines the necessity of consulting with pension transfer specialists to ensure that any decision made is in line with personal financial goals and complies with regulations.

Reference:

Video Timestamps:
00:01 - Is Transferring a Final Salary Pension Advisable?
00:23 - Regulatory Perspectives on Pension Transfers
00:56 - Possible Reasons Not To Transfer DB Pension
02:44 - Possible Reason To Transfer DB Pension
06:28 - Outro

Disclaimer 🚨
All Defined Benefit Pension Transfer Enquiries Completed By Trusted Independent 3rd Party FCA Regulated Pension Transfer Specialist 🔒

The Information on this channel is provided for education and informational purposes only. The information contained in or provided from or through this channel is not intended to be and does not constitute financial advice, investment advice, tax advice, or any other advice. You Should not make any decision, financial, investments, tax, legal, or otherwise, based on any of the information presented on this channel without undertaking independent Due Diligence and Consultation with a Professional IFA or Financial Advisory.

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[Steve-hecn]

I have taken redundancy which allows me early access to my DB pension with no reduction. The NRD for my works pension is 65 whereas im currently 55, will my CETV potentially increase to reflect me having 10 years early access to my pension. My pension is £31k a year and my transfer value decreased from March last year at £600k to just below £400k before I took redundancy should that CETV now increase as interest rates have been pretty steady??

[tonykenna]

I am 53 and i am currently in a db scheme that was based on my salary in 2014 and has been capped at 2% a year ever since . Im 52 and have been told by numerous people i am too young to be considered

[Pablo-twtt]

I had previously considered transferring money out of a DB scheme not to be a good idea. However, I have a DB pension coming due this year and discovered that whilst the initial payments would be as expected, there will be hardly any inflation increases in the future as the DB is related to a GMP earned many years ago in my younger days. I find it hard to believe this is legal, as if I wasn't contracted out of SERPS any benefits due would come with inflation protection. I'd like to transfer the DB pot into a SIPP but it sounds like it's going to be difficult.

[dotydale]

Hi does it still grow n best not to transfer even if left the company where your final salary is cheers

[meknaasi]

I have a Local Government pension worth 7k per year and shared cost AVC. I want to transfer to a SSAS, do you know what the current multiple is for LGPS?

[vtecgrin]

A thing to consider is that the DB schemes were offering massive cetv values in order to offload their pension liabilities as they couldn't maintain the pension promises on such low yields. I bet a lot of DB scheme managers wished they'd held on for another 6 months or so . Easy in hindsight