Defined Benefit Pension Transfers
Specialists in Liverpool
Do you have a defined benefit (or final salary) pension and are wondering about transferring to another scheme? Our financial advisers can bring the clarity you need.
Here at Hanson Financial Services, our team exists to help people in Liverpool, Merseyside and across the region to make smart decisions with their pensions.
Defined benefit pensions are complex and the rules surrounding their transfer are very strict. It is important to seek professional advice if you are thinking about moving. Remember, a transfer is irreversible and the benefits you relinquish are difficult (if not impossible) to find elsewhere in the market.
However, for some people a transfer may be the best decision in light of their financial goals. At Hanson Financial Services, we can talk you through the pension rules you need to consider and help clarify confusing areas of jargon. Our aim is to give you all the information you require to make decisions about your pension which you can feel confident in, for years to come.
How it works
- Our financial advisers sit down with you to discuss your current pension scheme(s). This focuses particular attention on the benefits of your defined benefit / final salary pension, to see how competitive these are in the wider marketplace.
- We discuss your financial goals together – particularly those pertaining to retirement – and analyse whether your defined benefit scheme aligns with these. If so, it is likely that we recommend staying with the pension but also making adjustments to your financial plan elsewhere (e.g. consolidating multiple pension pots).
- If a pension transfer still looks like a viable option at this stage, our team will conduct more thorough research about alternative pension schemes which would better suit your goals. We then present the best candidates to you; careful to also outline how these compare to the benefits in your final salary scheme.
- We then make a recommendation based on our research and your feedback.
I found Sanjay particularly helpful and extremely patient: my options were spelled out in plain, jargon free English. Sanjay was not the first pensions advisor I had spoken to but he was the most straight forward and down to earth.
If anyone is looking for a professional who is both knowledgeable and trustworthy then Sanjay fits that perfectly. Everything was made simple and fully explained with nothing being too much effort. Sanjay sorted not only all my previous pensions but also those of my wife. Couldn’t be happier
Whereas a number of other local advisors I contacted were not really interested in my particular circumstances as they would not be handling the actual transfer, Sanjay was willing to help from the start. Once engaged, Sanjay's questions made me really think about my financial future and other options, and the final report was far more thorough and detailed than I had expected. At the start this was a process I had to go through, whereas by the time I received the final report, it was a process that I was glad I had gone through and chosen Sanjay to guide me through it.
Local Pension Services
Final Salary Pension Transfers in Liverpool
Are looking to exchange your final salary pension for a lump sum? Our team can help you find out how much you could get from your scheme’s cash equivalent transfer value (CETV). Please remember that a pension transfer is not in most people’s interests, and the benefits you give up cannot usually be found from other pension schemes. At Hanson Financial Services, we can help you identify the various options available to you on the marketplace and compare them effectively with your current scheme – giving you peace of mind.
Looking to make the best financial decisions across your lifetime? We help by bringing everything together under one cohesive plan which moves you towards your goals.
Savings & Investments
Do you want to grow your wealth? At Hanson, our team can help you craft an investment strategy which mitigates risk and maximises returns.
How do you keep your wealth safe and stored in a tax-efficient way? Our in-house specialists provided the ongoing analysis you need to discern the answers.
Pensions & Retirement
How much do you need for retirement, and how do you get there? Should your income be an annuity or other option? We can help you sift through these complex questions.
Are you paying more tax than is really necessary? Our team provides the leading insight you need to regularly review your tax position and put money back in your pocket.
Need help buying your first home or getting a better mortgage deal? Give yourself the best range of options on the market with the help of an industry specialist.
Local Pension Transfer Specialists
Serving people in and around Merseyside
What can you do with a lump sum released from a final salary pension transfer? There are lots of options which our financial advisers can talk through with you. A common way forward is to invest it into a pension pot, keep it there (to grow) and gradually draw a retirement income from it as needed. This is known as “flexi-access drawdown”, and it comes with certain advantages that a final salary pension does not. In particular, any unused funds after you die can be passed down to your beneficiaries.
However, again it is important to state that a final salary (or defined benefit) pension transfer will not be in most people’s interests. The benefits offered by these “gold plated” schemes are very rare nowadays and are difficult to replicate (e.g. by buying an annuity). For certain people, it can be a worthwhile option. So if you are looking for clarification and peace of mind about what is the best course for you, our financial advisers can help bring the answers you need so that you can move forward with no regrets.