Before you start speaking to a financial advisor, begin with a clear understanding of your goals. If you’re unsure, that’s no problem. An experienced DB pension transfer specialist will be able to help you appraise your options.
We use FSA-approved processes to assess your situation, appraise your goals and needs, then consider if a pension transfer will work for you. The process is outlined below:
During the initial assessment stage, we’ll look at all key documentation including forecasts and valuations based on your state pension and any other held finances.
From there, we’ll gain more information from your defined benefit pension scheme, such as the retirement benefits you’re due to receive and transfer valuation. After this stage, a financial adviser will make an assessment to see if a DB transfer is a suitable option for you.
Before we go any further, we’ll have a second meeting. It’s at this point we’ll discuss options and you can make a decision to receive advice or stop the process.
If you choose to continue, a chargeable formal advice report will be published. It’s worth noting this stage is for advice only and the pension transfer will need to run through a series of robust checking mechanisms to progress from here. This report will then be presented to you before we meet again, where you’ll have a chance to ask further questions about the proposal.