Pension Transfer rule changes
In the last 2 years the demands for our advice in this area has increased dramatically. The legislation stating that in order to transfer guaranteed benefits with a value of over £30,000 you must seek the advice from a suitably qualified pension specialist is a factor, however this is not new.
The main reason relates to the rule changes regarding how you can access your pension once transferred and some of the death benefits available which have made it a more attractive option for some people to consider.
It is not right for everyone to transfer their final salary pension scheme and there are significant risks involved in doing so. This is why it is so important to enter a full advice process with a pension specialist in order to assess your situation against the possible outcomes.
We have 5 Defined Benefit (DB) pension transfer specialists working at Lyndhurst across Hertfordshire and it’s borders. We have offices in Hitchin and Hertfordshire but can also reach out to Bedfordshire, Milton Keynes, Buckinghamshire and London.
The process of transferring your pension can take over 3 months to finally receive funds if you decide to transfer. Pension Trustees who are in charge of running the final salary pension schemes are under pressure due to the current demands and response times have reduced. It is therefore important to engage with a financial adviser as soon as possible in order to consider a transfer and conduct appropriate analysis on the scheme.
Our advisers and support staff will be happy to talk through our services and send you a free guide to your pension options which may help you understand the new rules before you request your guaranteed transfer value.
Please contact us on 01582 715 777 or through our enquiry form.