Since April 2015, pension holders have had more freedom over how they can access their pension funds, making final salary pension transfers an attractive option for many individuals.
There can be many reasons why you might need to transfer your pension. It could be that your workplace scheme is being wound up; you need to split your pension assets to manage a change in personal circumstances; you need to release some income or, you simply feel another pension scheme might suit you better.
It is essential to take advice from a specifically-qualified pension transfer adviser – and required by law if your pension pot is more than £30,000 – before you embark on a pension transfer.
After a thorough analysis of your existing defined benefit pension (final salary pension) a specialist adviser will either recommend you stay, or explore the options to transfer out if it is in your interest to do so.
George Square Financial Management can help you through the transfer process so that you understand the options available to you together with the costs and the risks.