Your options explained
Defined Benefit Pensions or sometimes called Final-Salary pensions are pensions that offer a guaranteed income in retirement. At Pension Works, we hold the necessary qualifications to advise on Defined Benefit Pensions. While a lot of people want the guaranteed income, for some the inflexibility of a DB pension does not allow them to do what they want in retirement. We can assess your DB pension to give you all the options to make informed decisions.
Should you consider a defined benefit transfer?
If you can answer yes to any of the below statements, then the Defined Benefit Review Service could be for you.
Spouse or Partner – You don’t have a spouse/partner or passing on your payouts isn’t important.
Leaving an inheritance – You’d like to pass on what is left of your pension fund to your children or other beneficiaries.
Life expectancy – A medical issue means you may not live for long, so a lump sum in the near future is attractive.
Other income – You have several different pension pots and would like a lump sum to supplement your guaranteed income.
Investment confidence – You are comfortable taking some risk with your money.
Managing your income – You would like the flexibility of taking different sums out each year to meet your needs or looking to take a tax-free lump sum out of your defined benefit pension if you’re over 55 years.
With our advice, transferring a final salary pension could potentially be a smart move.
Why should you use Pension Works?
We are different from your normal pension adviser who can advise on pension transfers plus being authorised and regulated by the Financial Conduct Authority. Firstly, we are telephone and internet-based, meaning that we keep our running costs low and pass those savings over to you.
Being telephone based allows us to speak to you from the comfort of your own home; there is no need to visit our offices or book in an appointment.
Pension Works, we are one of a small number of UK pension advisers who hold professional qualifications to advise on Defined Benefit and Defined Contribution pensions and can help with planning your retirement. We are a very open and transparent business, meaning we will give you all the information regarding your defined benefit pension to make informed decisions regarding your future. The advice we give will always be in your best financial interest.