Defined pensions, also known as final salary pensions, are usually provided by large organisations, non-profits, or government organisations such as the local government pension schemes (LGPS).
Many consider them as the best type of pension you can get, and mostly it’s best to leave them to run when you retire. But everyone’s circumstances are different and it can make financial sense to release the wealth from your pension.
Some of the largest pension schemes include:
- Universities Superannuation Scheme
- BT Pension Scheme
- Lloyds TSB Group
- Royal Bank of Scotland
- Barclays Bank
- Railways Pensions Trustee
- British Airways
- BAE Systems
- National Grid
- Tata Steel UK
- Mineworkers’ Pension Scheme
- British Broadcasting Corp.
In contrast, you cannot transfer a pension from statutory pension schemes, such as the ones paid for by taxpayers. These include pensions paid to people in occupations such as:
- Teachers
- Firefighters
- NHS employees
- Police Force employees
- Members of the Armed Forces
In addition, you can’t gain early access to old-age pensions provided by the Government.
