12 things you must think about before transferring your Final Salary pension
As a member of a Final Salary scheme, the income you receive in retirement is based on your salary before tax and the length of time with the employer.
Pension Freedoms have prompted many members of Final Salary Schemes to look at transferring their benefits to a Money Purchase arrangement, and therefore access the income flexibility they now offer. Transferring out can create greater financial flexibility, which could be a key benefit when it comes to lifestyle planning in retirement.
However, giving up a Final Salary pension is not a straightforward decision and certainly not one to be taken lightly.
The value of your pension could be the biggest asset you have, worth even more than your house. There is no going back, as transfers out of Final Salary schemes are not reversible.
It’s a big decision with a lot of factors to consider, so we’ve put together this guide to make you aware of some of the issues you need to think about. There are 12 things for you to consider, from the value of your fund to the state of your health.
You can either download the guide as a PDF or read it below. Should you have any questions, please don’t hesitate to contact us.