The benefits of membership of a final salary pension scheme are long established so to transfer a final salary pension into a different scheme would appear to be financial madness. However, with the changes made to pension rules in April 2015  and the recent dramatic increases in transfer values offered by some pension schemes a final salary pension transfer can be an attractive option for some individuals. Some of the benefits are highlighted below:

  1. A final salary benefit can be a significant family financial asset. A transfer gives you control of this asset, which can now be passed down through the generations without inheritance tax.
  2. A transfer offers you flexibility over how much you draw from your fund and when.
  3. Making a transfer gives you more control of the fund to benefit any surviving spouse after your death
  4. Transferring a final salary pension gives you the flexibility to take more income in your early retirement years.
  5. To transfer a final salary pension may offer a solution if you have concerns about the long term viability of your final salary pension scheme.
  6. Drawing benefits from your own personal pension arrangement can be more tax efficient.

But there are also significant risks that must be considered in detail before making any decision to transfer a final salary pension.

Given the complexity and the risks involved it is essential to seek out appropriate Independent Financial Advice to aid your decision making process. Safeguards are already in place with  a legal requirement to get properly qualified Financial Advice on a final salary pension transfer when the transfer value is £30,000 or more. Remember a final salary pension delivers guaranteed (assuming the sponsoring employer survives) benefits and you must carefully consider the risks associated with a transfer.


Evaluate your defined benefit pension transfer options

Not all Financial Advisers are qualified to offer advice on a Final Salary Pension Transfer. At The Pension Review Service we are qualified and authorised to deliver Independent Financial Advice on transfers from final salary pension schemes.  We will work with you to understand your needs and individual circumstances and guide you through the process to understand if the option to transfer a final salary pension is right for you. If a transfer is appropriate we will be with you every step of the way delivering the professional advice and support you need.

For a no obligation preliminary discussion please complete the form below, set an appropriate time in the comment box and we will call you. We operate U.K wide.

Alternatively call 0800 043 8341 or Email