If you have a legacy Defined Benefit (DB) pension scheme, you may be contemplating whether to transfer it to a more flexible arrangement, so that you are able to gain more control of your pension regarding when and how you can access it.
If this is the case, then the FCA regulations stipulate you must seek professional advice from a fully qualified Pension Transfer Specialist (PTS) who is authorised and regulated by the Financial Conduct Authority (FCA). You can find us on the FCA register here.
DB pension transfer advice is heavily regulated by the FCA. They have set forth thorough and detailed regulations, which are in place to protect you and your pension, making sure you’re aware of the pros and cons before you transfer. Since the 2015 Pension Freedoms Act, advice in this area has been mandatory for any transfer with a value over £30,000.
The regulations surrounding pension transfers are complex, so our duty is to help explain these clearly to you so that you fully understand and are aware of the options that are available to you.
Here is an FCA video link, which aims to help educate consumers understand better what DB pension transfer advice should look like.
Do your existing legacy pensions offer the flexibility that the Government introduced in April 2015?
SPECIALIST FCA REGULATED ADVICE
This information is intended only as guidance. For advice on your specific circumstances, please get in touch on 0161 519 8500.
The value of a pension and the income they produce can fall as well as rise, meaning you may get back less than you invested.
This service only applies to pensions and consumers in the UK. Transferring away from a DB pension scheme means you will lose valuable guarantees.
Taking benefits early will almost certainly reduce your pension income in retirement and is only suitable for a limited number of people and circumstances. This should not be seen as an easy option for raising cash.
If you release all your money from your pension early you will not have anything left to provide you with income in retirement.
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