Final Salary Pensions
Scottish & Northern Irish defined benefit & final salary pension advice.
Also known as a defined benefit pension, the final salary pension scheme has become more well known in the last 2 years after the government ruled all employers must offer employees a workplace pension scheme.
Different pension schemes will have different rules and benefits, which in some cases might mean your best advice is to transfer them. Our pension advisers can review your final salary pension scheme as assess whether it is still beneficial to continue with it or if there may be a better option available. As always our aim is to give you the options and explain which one would be best to help you meet your retirement goals.
Speaking with a qualified pension advisor will help give you peace of mind about your final choice and can make the process of transferring a pension run smoother.
How Does A Final Salary Pension Scheme Work?
A final salary pension is a workplace pension which comes with specific benefits, based upon your level of service and the contributions you have made. The benefits can change depending on the scheme, amount your contribute and how long you have worked for an employer.
There are wide range of different final salary schemes, however our advisers are all fully qualified to give advice on each of them.
Should I Transfer My Final Salary Pension?
There is no simply or quick answer as to whether your should transfer your final salary pension scheme because in some cases it will be the best option, while other times it won’t be.
Sometimes personal circumstances can be a deciding factor, while in other cases it may be the scheme is no longer be the best option.
Personal reasons someone might need to transfer their pension may be, they want to pass on the pension to their family, poor health, they may want to take the 25% tax free allowance.
Get Help With A Final Salary Pension
If you have a final salary pension and would like advice to understand your full range of option then please contact Qualified Pension Adviser. We will offer you all the information your require to make a decision, however you are in full control at all stages of the process and will make the final decision about what you would like to do.
Transferring out of a final salary pension is unlikely to be in the best interests of most people. Qualified Pension Advice provides support and customer service and our advisers are part of The ER Network.
Let’s Talk
If you would like advice on your pensions our qualified Scottish & Northern Irish advisers can help.
Why Qualified Pension Adviser?
What Happens When You Get In Touch?
We’re here to help. Whatever your query, if we can help you with advice on your pensions or investments, then we would be delighted to do so. You may have a question about lost pensions or you could be self-employed and interested in starting your first pension – we can help.
Typically we’re asked about old pensions, defined benefit / final salary pensions, pension freedoms and tax free allowances and many more queries, which a qualified adviser can assist with.