These changes did not apply to people who held their retirement benefits in a Defined Benefit (DB) arrangements. Defined Benefit pensions are often referred to as Final Salary Pension Schemes.
As a result, there has been a large amount of interest from people with Defined Benefits in moving these over to a Defined Contribution (DC) arrangement. This would then allow them to take advantage of these new Pension Freedoms. The requests for transfers has tripled since the introduction of these changes. An example of a Defined Contribution arrangement is personal pensions and stakeholder pensions.
These changes can seem a little confusing even to those in the industry. Anyone who has a Defined Benefits pension with a transfer value over £30,000 is required by law to take financial advice before they can transfer to a Defined Contribution arrangement.
At Anstee & Co we understand the sort of things you need to consider carefully before deciding if transfer your Defined Benefits pension is right for you. Read our website to find out more
Anstee & Co can provide you with advice on the suitability of transferring your DB benefits irrespective of the transfer value. If you feel that we can help with your retirement planning then contact us today. Most pension companies will not accept transfer requests from a Defined Benefits scheme unless a financial adviser is involved. The initial meeting with one of our financial advisers is at our cost. Subsequent meetings may be charged, but we will agree our fees with you before we undertake any work.
The initial fact-finding meeting is with charge. Meetings can be arranged at a time and location that is convenient for you. This may be at your home or place of work. In addition, we have offices located in: –
Our financial planners also live and make use of meeting rooms in; –