It is a scheme usually based on how long you have worked for your employer and the salary you have earned whilst in their employment. They pay out a secure income for life which increases each year in line with inflation.
No, some DB pensions such as public sector pension schemes cannot be transferred.
We have seen DB transfer values fall dramatically in 2022 as a result of significant rises in gilt yields. According to XPS Pension Group’s Transfer Value Index, they have found that transfer values fell a total of 36% over the year.
Transferring a DB pension may give you more options for your retirement, but it's not right for everyone.
Historically, it could take around 6 months to transfer a Defined Benefit pension.
You need to get a ‘transfer value’ from your scheme. The transfer value is the amount you will get if you transfer. If you don't have this, we can obtain this for you.
Your transfer value is only guaranteed for 3 months. It may go up or down if it is recalculated. You may have to pay for another transfer value if you ask for one again within 12 months.
DB schemes normally have a retirement age that will usually be 65 or your State Pension age. You might be able to take your pension from the age of 55. But be aware that choosing this option can reduce the amount you get.
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