If you have a final salary or defined benefit (DB) pension the annual value of your retirement income that is paid to you upon retirement is based on a percentage of your salary multiplied by your length of service. When considering whether to transfer these pension benefits you should ensure that you obtain professional advice before doing so.
The Financial Conduct Authority (FCA) has extreme concerns that many DB pension schemes have been transferred recklessly as essentially you the individual are giving up a guaranteed income for life.
If your DB scheme is valued at greater than £30,000 you are legally required to obtain professional financial advice from an FCA regulated advisor before you can transfer it out.
We at TWA only work with FCA regulated advisors who can safeguard you and your pension benefits ensuring that you receiving the right advice before transferring your DB pension scheme.