Do you accept final salary pension transfers?
Yes, we do. As final salary or 'defined benefit' pensions pay a guaranteed income, you may want to seek financial advice first to check whether transferring it is right for you.
To transfer a final salary pension scheme, or a scheme that includes safeguarded benefits (see below) worth at least £30,000, a suitably qualified financial adviser must recommend that the transfer is in your interests. To confirm you’ve received their recommendation, you and your adviser will need to complete our financial advice declaration form.
What are safeguarded benefits?
Safeguarded benefits are where your level of pension income is guaranteed. That includes:
- Under an occupational pension scheme, a promised income whose amount depends on how long you've worked for your employer (for instance, under a final salary scheme or defined benefit scheme).
- A promised income (or guaranteed minimum level of income) whose amount depends on the contributions or premiums you’ve paid in (for instance, under some older personal pension policies).
- A promised minimum rate at which you’ll have the option to convert your accumulated pension pot to income at a future point, usually when you reach a particular age (this is generally known as a guaranteed annuity rate, or guaranteed annuity option).