Final Salary Pension Transfers – Advantages and Disadvantages. Can you transfer out and should you?

The Pension Freedoms introduced in April 2015 have created much interest in Final Salary Pension Schemes. The reason for this is that it is now possible for many people to transfer out of a final salary scheme into a defined contribution scheme.

Under the new pension rules savers are able to take advantage of full access to a pension fund. Allied with historic high Cash Equivalent Transfer Values and the decision to transfer seems obvious.

We look at seven advantages to transferring, and seven reasons why transferring may not be the best idea in your situation.… read more >>


Double the tax free cash from your pension – is it possible?

The tax free “lump sum” that savers can withdraw from a pension has always been a major selling point. For many pension holders, including most Final Salary Pension members, the amount that can be withdrawn without paying any tax is a healthy 25% of their pension.

However, under the new pension freedoms, it is possible to obtain far greater sums – as much as twice the original offer – depending on which type of pension you make the withdrawal from.… read more >>


Work and Pensions Committee to probe the effectiveness of Pension Freedoms

Last month, the Work and Pensions Committee, decided to launch an inquiry into the effectiveness of the pension freedoms policy that came into effect in 2015, giving over-55s full flexibility over how they access their retirement cash.

Since the rules were relaxed, more than £10bn has been withdrawn from defined contribution pensions, as a lump sum, or taken as income. A recent review of pension freedoms by the City regulator found that taking pensions cash before the age of 65 had become the “new norm”, with most choosing to take lump sums rather than a regular income.… read more >>


Final Salary Pension Transfers are at an all time high – what are the reasons and how can you capitalise?

A few years ago, if you’d asked to move your pension from a Defined Benefit Final Salary Pension Scheme, you’d have been told you were mad. Not only that, most reputable IFAs would have run a mile too. But times have changed. The pension freedoms of 2015 have changed the landscape, and final salary pension transfers are at a record high.… read more >>


Should you swap your final salary pension? 5 tips to help make the right pension decision for you

The pension freedom changes in 2015 have had a huge effect on final salary pension holders. The ability to move from a defined benefit pension to a defined contribution pension has meant that thousands of people have been able to cash in their pensions for hugely inflated transfer values, leaving them with an enormous lump sum, and a considerable change in the future retirement prospects.… read more >>


Pension Freedoms Offer Inheritance Tax Reduction on Final Salary Pension Transfers

New rules have made it easier than ever for savers to help out their children.

The “pension freedoms” that were introduced in 2015 have had a marked effect on savers. Final salary pension transfers have hit an all time high, with a surge of savers giving up their defined benefit pensions in favour of a generous lump sum. According to financial advisors, since the introduction of the new rules two years ago, there has been a £50bn boom in pension transfers.… read more >>