By Julie Wilson, Chartered Financial Planner at PenLife Associates
Over the last few decades, this country has been through a unique period in pension history, which saw many millions of employees accrue vast amounts of assets in ‘defined benefit’ (also known as ‘final salary’) pension schemes.
The few final salary schemes remaining are dwindling and it’s almost certain no new schemes will emerge to replace them.
At the same time, legislation now severely limits the amounts we can all save into our pensions.
However, millions have already accrued these pension assets. And for many ordinary people, it will be their most significant financial asset, worth more than even their houses.
If you have a final salary pension, your options are no longer clear cut. These pensions are a complex matter, so it makes sense to explore your options so you make the right decision for you and your family.
It may seem appealing to secure a high transfer value, but with this comes the associated risks.
And don’t forget, the wrong adviser may not always have your best interests at heart when there are big figures involved, which is why you should do your research and find a reputable company or adviser.
Imagine this – an inflation proofed, guaranteed pension for you AND your spouse.
Great if you live a long time, right? But what if you don’t?
There are so many options to compare and consider- unfortunately, it’s almost impossible to do on your own.
And it must be remembered that your choices could potentially impact your family for generations to come.
We’ve created this free guide- please do not take this as advice whether to transfer your pension or not. It has simply been made to try and help you understand common mistakes when it comes to transferring your pension, and how to avoid them.