What is a Defined Benefit Pension Scheme
A defined benefit (DB Pension), also known as a final salary pension, is a United Kingdom pension scheme where your pension is calculated based on the amount of years you were in the pension scheme, and what your final salary or average (known as CARE) Salary was when you left the Scheme.
Many US Residents ask Cameron James regarding a UK pension transfer to the USA or to a scheme that is suitable for them as a US Resident, which we will discuss in this article.
A DB pension scheme offers you a fixed amount of income which will last until the time of death, and then, if you have a spouse, they will receive a portion of the benefits until their death, which is usually between 50 & 67%. However, you are limited to taking this fixed annual pension income and do not have the flexibility of withdrawing pension income as and when you want, potentially obtaining a higher income, and passing on more pension wealth to a spouse and/or children/other beneficiaries.
US residents for whom a transfer is more suitable than keeping their DB are usually advised to transfer their pension into an International SIPP as it offers greater flexibility and benefits.
If you want to learn more about International SIPPs, we suggest reading our International SIPP for US Residents page.
Another factor to consider is that the US government will tax your lump-sum payment from your DB pension.
How do Defined Benefit Pensions Work?
In the defined benefit pension scheme, the Board of Trustees or the pension provider are responsible for all elements of the pension and normally run a final salary pension scheme on behalf of the company.
This involves calculating the value of the pension and paying out the pension based on the valuation and arrangement. The Scheme Administrator, who answers to the Trustees’ Board, typically manages the scheme daily.
Despite the desirable benefits of guaranteed income a DB provides, DB schemes have continually become less available over the years, primarily due to the cost to employers.
The most common Scheme Administrators that we complete pension transfers for our US Resident clients are:
- Willis Tower Watson
- BT Pension Scheme
- Essar Oil
- Barnet Waddingham
- Premiers Company
- XPS Administration
- Nestlé Pensions
- BP UK Pensions and Benefits
- Mercer Limited
The amount you contribute to a defined benefit pension scheme is determined by your age, level of income, and the number of working years in the company, but it is the employer that will contribute the vast majority into the pension scheme, which is the main reason why UK scheme sponsors (the technical name for the Company which owns the Scheme) are desperate to close their Schemes down, as the costs to provide the benefits are so exorbitant, it has actually threatened the viability of many companies over the years.
Your defined benefit pension is typically calculated using either a career average salary formula or a Final Salary formula.
The calculation under the career average formula or career average revalued earnings (CARE) will often provide you with an income in retirement based on a percentage of your average earnings after adjusting for inflation throughout your participation in the pension scheme. In short, your pension will be determined by your average earnings throughout your employment.
The final salary formula is calculated using the gross salary you are paid in your final working year or year before retirement age, whichever is earliest. Hence, the term Final Salary pension. In terms of the final salary formula, a defined benefit pension scheme typically provides an income in retirement based on a percentage of your “final pay”.
It is essential to understand that the term “final salary” does not mean that your final salary equals the pension income you earn when you retire and begin receiving benefits from the program. Read our in-depth article regarding the formulas of defined benefit pension calculation here.
Defined Benefit vs. Defined Contribution Pension Scheme
These are the two most common types of employer-sponsored pension schemes in the UK. Final Salary or Defined Benefit (DB) schemes, which are referred to as a ‘gold-plated’ pension scheme, are a scheme that offers a guaranteed income (annual scheme pension) to be paid out to the member for the rest of their life from their Normal Retirement Age (NRA).
Conversely, a Defined Contribution scheme is a pension scheme in which you and your employer (if they obliged) made regular contributions to save for your retirement over the course of your employment. This key difference between a Defined Benefit and a Defined Contribution plan is that a DB scheme is safeguarded and provides a guaranteed income for life, irrespective of how the markets perform. For many clients, this might be valuable and most suitable. In contrast, a DC scheme where your income in retirement will likely vary based upon performance and growth, minus charges, unless you purchase an annuity.
Is the 25% Pension Commencement Lump Sum tax-free in the US?
Our US residents clients with UK Pensions often ask this question to Cameron James. Despite numerous IFA’s in the USA seemingly implying to their clients that their UK 25% PCLS is tax-free in the US, there is a large raft of information contrary to this.
While it would be easier to tell clients that it is tax-free, which will likely increase the eagerness to complete a transfer with Cameron James, we prefer to be transparent. According to the UK & US dual taxation agreement, most financial advisers in the USA will say that the 25% PCLS is tax-free for their clients according to the UK & US tax treaty.
Cameron James will explain to you why the UK & US tax treaty does not allow for the 25% PCLS tax-free rule. Hence, if you are withdrawing a 25% lump sum from your UK pension to the US, the US government will likely tax it as income.
Do Dual Citizens Pay Taxes in Both Countries?
US citizens with UK pensions often ask Cameron James this question. Each source of revenue and profits that you gain from the UK will be subject to US taxation, including pensions. However, several exclusions and options exist to decrease the pension tax burden under the US/UK Double Taxation Agreement (DTA).
With the correct tax filings, tax is usually only payable to the IRS if you are a US Resident. If a US Citizen/person resides outside the US, then it gets more complicated, and speaking to a qualified financial adviser and/or tax adviser is incredibly important.
If you are a US citizen with UK pension, read our discussion regarding the US-UK tax treaty pension here.
Advantages of Final Salary Pension
As mentioned above, a defined benefit pension scheme offers you valuable safeguarded benefits for your retirement.
With a defined benefit pension, the employer guarantees to pay a set retirement income, regardless of how the underlying investments perform. This means that your income will be certain, and increase with certain rules, like CPI inflation, regardless of how the stock/bond markets perform. There is no investment risk whatsoever for the employee/member.
Most DB Schemes will pay out for your entire life, and provide benefits to a surviving spouse, albeit typically reduced to c.50%. Often, a defined benefit pension will continue to pay out a percentage of your retirement income to a beneficiary when you die. But it could also pay out a lump sum, which is often calculated as a multiple of your average of final salary – if you die before you turn 75, this should be tax-free.
No Investment Risk
As the benefits are guaranteed, all the Investment risk is with the Scheme, and not the member. This means that the volatility and risks of the stock/bond market will have little to no impact on your scheme benefits.
There is also the Pension Protection Fund, which will guarantee 90% of your benefits (before you start taking income), 100% after you are already in receipt of benefits, up to a cap. This means that even if the sponsoring employer collapses, 90% or 100% of your benefits will be protected.
The UK government established the Pension Protection Fund (PPF) to protect members’ benefits. If you are a member of a defined benefit pension scheme and your company goes bankrupt, leaving the scheme with insufficient funds to pay the money due, the PPF may compensate you.
If the company declares bankruptcy during your retirement, the Pension Protection Fund will generally provide up to 100% compensation, which means you should not lose any of your pension.
If the company goes bankrupt before you retire, or if you choose to retire early, the Pension Protection Fund will compensate you with 90% of your pension. Your compensation will increase in line with inflation every year until you meet the retirement age specified in your scheme.
You can therefore remain safe in the knowledge that your income will never run out, and you won’t run out of money, like what can happen in a DC Pension.
The Disadvantages of a defined benefit pension
Defined benefit pensions are highly regarded for many good reasons, but they do have some downsides.
No control over investments
There is no ability within a DB Scheme to invest in more growth oriented assets, like equities, and attempt to grow the pot and obtain a higher level of income in retirement.
The investments are entirely managed by the DB Scheme, and the performance of those investments has little to no impact on the benefits payable to you from the DB Scheme.
The Income from a DB Scheme is fixed. There is no way to vary the benefits payable, so if you need more or less income that particular month/year, there is no way to alter the DB Income to meet those flexible needs.
Once you start taking the DB Income, it will continue on a regular basis until you die. So, if you need an additional lump-sum later on, you will not be able to do so under a DB scheme.
Also, If you want to maximise death benefits, you won’t be able to do that in a DB Scheme, as you will be forced by the Scheme to take benefits at a certain age.
Reduced Tax-Free PCLS
A DB Scheme offers the ability to take a tax-free lump sum at the onset of you taking your DB Benefits. However, this value is derived via a process known as “commutation” which means that, as there is no pension pot with your name on it to receive a portion of, they reduce your annual income by a certain rate and then provide those commuted benefits as a tax-free lump sum.
A DC pension will typically allow for a larger tax-free lump sum to be provided, but if market returns are poor before you take the lump sum, it could be lower than the DB PCLS.
Potential Lack of Early Access
Whilst most DC Schemes allow you to access your Pension from age 55, 57 in 2028, most DB Schemes are designed to be accessed at 60 or 65. Whilst you may be able to access your pension early, your annual income will be reduced accordingly for the extra years of payment, as your DB Scheme benefits are tied to the Scheme Normal Retirement Date (NRD).
Cashing in Your DB Pension
Many US and expat clients have the common question: “Can I cash in my DB pension?”. In short, the answer is yes, you do technically have the option to cash in your final salary pension scheme and to transfer it to a flexible pension scheme, like a SIPP. But the process is incredibly complicated, and you need to make sure you have an adviser who understands both DB Pensions, but also the additional issues that face someone who is resident outside the UK, especially the USA.
In fact, the FCA requires you to seek financial advice from a qualified Pension Transfer Specialist (PTS) if your DB transfer value is above £30,000.
DB Transfer Abroad
Transferring your UK final salary pension to the US is not a straightforward process. It involves assistance from a regulated financial adviser and thorough research into your circumstances. As mentioned, when your DB pension value is above £30,000, by regulation, you are required to have advice from an FCA regulated pension transfer specialist before you can transfer your DB pension to another pension scheme.
The Cash Equivalent Transfer Value (CETV)
What is the CETV value of a pension? Calculating your final salary pension scheme transfer value or your CETV is a complicated procedure that considers various elements. The calculation can vary in different schemes; usually, it combines a degree of factors, including your final salary or average career salary, the number of years you worked for the company, an accrual rate and the number of contributions if the scheme allows them.
These defined benefit pension calculation aspects include your age and the retirement age of your scheme, average life expectancy, living costs, marital status, pension transfer value index, and how much your employer wants you to switch. You can read more about CETV calculation here, which will make it easier for you to understand how your final salary pension scheme transfer value is calculated.
Can I Transfer A Final Salary Pension?
Previously, many employees working in the private and/or public sector saved into a corporate pension depending on how long they worked for the company, as well as how much they paid. As such, the amount of pension they would receive was often guaranteed by the terms of the pension scheme, and these were referred to as defined benefit pensions.
Despite all the benefits of a defined benefit pension, there are some disadvantages to having it, including a lack of control regarding how and when you collect your pension. As a result, some people consider doing a defined benefit pension transfer to a defined contribution pension, or a SIPP.
However, due to the obvious compelling advantages of defined benefit pensions, the Financial Conduct Authority (FCA) advises financial advisers to begin with the presumption that it would not be in the person’s best interest to transfer their defined benefit pension benefits to a DC or SIPP scheme.
Apart from that, keep in mind that the FCA requires any looking for a defined benefit pension transfer with a value above £30,000 to obtain advice sign-off from an FCA-regulated pension transfer specialist before transferring. This regulation is in place to protect you and ensure that you understand every one of the upsides and downsides of transferring.
Even if your CETV is less than £30,000, it will always be a good idea to take advice unless you are entirely certain that this is what you want to do, and you truly understand the implications and loss of benefits.
Many people see their CETV as a “lottery”, but do not understand that to generate an ongoing, indexed income is very expensive, and that a lump sum invested in a DC Pension might not be able to replicate a similar ongoing income for life. As such, outside ill health, unless you are prepared to take on investment risk to grow your pension, and have additional sources of retirement income, a transfer is unlikely to be deemed suitable.
Can I Transfer a Final Salary Pension into a SIPP?
US residents frequently ask if transferring a Final Salary scheme to a SIPP scheme is a wise idea or not. Defined benefit pension plans have been dubbed the “gold-plated” pension scheme due to their fantastic value. The answer to the question solely depends on your situation. It depends on the value of your current pension, your health condition, your dependents, your current liabilities, your goals, your other assets, among others.
If you are staying in the United States and looking to do a defined benefit pension transfer, going into an International SIPP is likely to be the type of scheme recommended, if a transfer is advised. Similar to 401k plans, a self-invested personal pension (SIPP) is a pension scheme in which you can invest in a wide variety of assets, and then take income in retirement, as and when required, or regularly – they are incredibly flexible.
A SIPP functions similarly to a traditional personal pension. The major difference is that with a SIPP, you have greater flexibility in terms of the investments you may hold, and usually more autonomy over planning your withdrawal strategy, due to introductions of things such as Flexi-Access Drawdown. There are broad discussions regarding SIPPs, such as the regulations, tax, and costs involved, the transfer process, and the type of investments, all of which we discussed in-depth in our International SIPP page.
Another type of SIPP is the International SIPP. An International SIPP is a registered UK pension scheme designed for non-UK citizens and offers a diverse range of investment choices and flexible retirement benefit options. They also typically have more flexibility around currencies, and paying out to overseas bank accounts.
Within an International SIPP, you can work together with your regulated financial adviser to determine the assets that best suit your specific circumstances (subject to certain criteria and HMRC regulations), as well as benefit from significant tax breaks and flexible retirement planning options.
Can I Transfer UK Defined Benefit Pension to QROPS?
A Qualifying Recognised Overseas Pension Scheme (QROPS) is an HMRC-approved pension scheme that allows British expatriates or foreign citizens who have worked in the UK for an extended amount of time to transfer their UK pensions overseas. The pension system must comply with UK tax legislation and reflect the standards of regulated pension systems in the UK.
Before proceeding with a defined benefit pension transfer, it is crucial to understand the processes required and get experienced financial advice. Click here to read our full discussion regarding QROPS and whether it is a viable option for you to transfer your DB pension into a QROPS, especially if you are staying in the United States.
QROPS in USA
Despite its advantages, a defined benefit pension transfer to a QROPS is not a practical solution for UK pension holders residing in the United States. Doing so would automatically trigger a 25% Overseas Transfer Charge (OTC) on the value of your DB pension (Gov.UK). Even if you wanted to transfer and pay the 25% charge (which would be terrible financial planning), no reputable QROPS provider would accept the business, as it is clearly not in the clients’ best interests.
If you are resident in one of the 30 European Economic Area countries, you could transfer your pension money to QROPS without having to pay the Overseas Transfer Charge of 25%.
However, even as a US-connected person residing in the EEA we would still not advise this route, as the IRS is not a fan of QROPS jurisdictions, and there are special benefits provided to UK pensions via the Dual-Taxation Agreement, that would be lost if your pension was transferred to a QROPS, which are predominantly located in Malta.
If you are a resident in the EEA and are non-US connected, then you can utilise a QROPS to avoid a lifetime allowance. We suggest you read our full QROPS Explanation.
Pension Transfer Specialist / Expert
Giving up your DB pension is one of the most significant financial decisions you can make. When giving guidance, advisers must consider your entire family, financial situation, and assess a thorough DC vs defined benefit pension calculation.
Your adviser should learn about your present financial situation and goals, as well as your retirement priorities and spending plans, other pensions, valuables and liabilities, health, and the health of your family, if necessary.
Your adviser will want to know how you think of having a guaranteed income for life and risking the chance that your pension benefits may decrease in value. If your pension pool is less than you expected, you should be ready to explain why you wish to forego a guaranteed income and how prepared you are to take on investment risk which may require you to reduce your lifestyle in retirement.
All of this information is required to make you fully understand the consequences of transferring your defined benefit pension. Besides, these processes will also help you to avoid pension scams.
A credible financial adviser will not suddenly agree with your decision to transfer your defined benefit pension. If you find such an adviser, then be wary and refuse any offer they might give you, especially if it looks too good to be true. Read our tips to avoid pension scams and how to find a credible financial adviser that can help you with your pension transfer.
Read our dedicated article on how to avoid Pension Scams.
How Long Does a Defined Benefit Pension Transfer Typically Take?
A defined benefit pension transfer typically takes 2-3 months at Cameron James from the point of submission to your UK scheme after advice is provided. The advice process is typically 2-4 weeks, but there can be several weeks prior to the advice process being able to start, as scheme administrators typically do not provide all the required information in one go.
Defined benefit pension transfers take longer than defined contribution transfers. This is primarily due to the increased and thorough research involved in the process and the due diligence and compliance required by your UK ceding scheme.
Your UK pension provider, for example, must confirm that you have acquired regulated advice from an FCA-regulated adviser with Pension Transfer Specialist permissions, and then will start their due diligence process to verify that you are making an informed decision, and to make sure that you are not being scammed. But, again, all of these long processes are primarily constructed to protect you and your assets from pension scams.
Should I Transfer My Final Salary Pension?
Reasons to Potentially Transfer Your Final Salary Pension
As circumstances change, you may want to explore transferring your Final Salary Pension. Defined contribution and SIPP pension schemes have several advantages and may help you achieve your retirement goals better than staying in your DB Scheme will.
The following are the top three reasons why transferring your defined benefit pension may be a smart decision:
Ill Health and/or Reduced Life Expectancy
One of the key reasons, and perhaps the strongest rationale of any transfer situation, is the case of a client having health conditions that are very likely to have reduced their life expectancy significantly.
A CETV is calculated based on population averages, so the payments go out to average life expectancy in their calculation. If you have some form of ill health, or have had medical conditions, that has statistically led you have a reduced life expectancy i.e. cancer, diabetes, heart attacks, etc., then there is a very good chance that you will not realise much of the benefits of your CETV, and that a transfer could realise considerably more value for you and your family.
The transfer rationale could either be that the health condition is severe, and your life expectancy is drastically reduced, and the main goal is to maximise death benefits for your spouse/children/beneficiaries, as you are not likely to live long enough to make the DB Scheme income very valuable.
Or, it could be the case that the condition has reduced your life expectancy, but you are still likely to get a good 10-15 years+ of life from that date, if not more, and that you may be eligible for an enhanced annuity from a Life Assurance Company. In that case, you would derive more value from transferring a DB into a DC, and then purchasing an enhanced annuity, as the CETV amount will buy a better income stream than the DB is offering, as the insurer estimates you to live quite a bit less than the DB actuaries expect the average person your age to live, which is what is used for CETV calculations.
The annuity vs drawdown is a big consideration with ill Health DB Advice, so you need to make sure you disclose all medical details fully during your DB Advice Process, and articulate your goals between now and death.
Significant Assets Outside of Final Salary Pension
If you are in the enviable position where you have substantial assets in addition to your DB Scheme, where you already have your retirement needs covered (if with other sources of guaranteed income, even better), then it could be the case that a transfer is suitable because taking an additional income stream makes very little sense, both from a tax point of view, but also from a legacy building point of view.
If you can show that you have no need for the DB Scheme, and that if it were to disappear that there would little to no impact on your retirement, then it could be the case that the Pension Transfer Specialist recommends a transfer as investing a pot and passing it on might provide the most value, especially if there is no apparent need to ever touch the pot.
However, just because you have lots of assets, does not mean that you will be advised to transfer, especially if the DB is the only source of guaranteed income, outside the UK State Pension and/or US Social Security, and adding extra risk for the sake of it won’t provide enough of a benefit to justify transferring your Scheme.
Again, this is why you need to discuss your DB Scheme with a regulated financial adviser, like those at Cameron James, as they will have lots of experience and insight based on similar clients/prospective clients who were in a similar situation to yourself.
You have a Retirement Goal that can only be Achieved if you Transfer
Ironically, almost in direct contrast to the previous reason to transfer, but actually having an immediate need for utilising a lump sum can be a reason to transfer your pension.
As an example, it could be that you have a mortgage that is causing you to struggle with the cost of living, as the payments eat up too much of your income. By paying off the mortgage with the typically larger PCLS from a DB Transfer it could mean that your retirement is more secure, as you are able to meet all your income needs, and can actually save excess income to build up retirement savings, that before was going towards the mortgage payment.
The same also goes for higher interest rate debt, like credit cards or unsecured loans, which are causing issues with maintaining your lifestyle, and paying them off could solve that issue, and then allow you to continue to build up retirement assets, without needing to take a scheme pension, as you might need the lump sum now, but don’t need the income now. A DB Scheme is all or nothing. Once you access it, you have one chance at the outset to obtain a PCLS, and then you have to start taking the income.
This is probably the least common reason for a transfer of the three, but nonetheless can be the case, and, again, a Cameron James adviser could provide some insight, albeit nothing concrete, in regard to how someone in your situation, if like those above, could potentially be advised to transfer for those reasons.
Higher than Average Ability and/or Willingness to Take on Risk
DB Schemes are virtually risk-free for members, so in order to give up such a low risk scheme and take on a much higher risk scheme, they need to be able to have both the ability to absorb that extra risk, but also the comfort and ability to do so.
If investing the majority of your pension assets in equities makes you uncomfortable, and you think that you would not be able to stomach that risk, then a transfer is very unlikely to be advisable, as you just won’t obtain the investment returns required to make a transfer worthwhile.
To justify a Defined Benefit transfer, a rule of thumb is that you have to be at least a balanced or higher risk tolerance. Your CETV will be below the market value of what it would cost to buy the same annuity benefits on the open market (typically by 15-40%).
Once outside the DB scheme and in a SIPP, you have a wide range of investment choices, so you can obtain, with the help of your adviser, an incredibly diversified and low cost portfolio, that is very likely to provide you with the returns you need to make your transfer a “success.” Therefore, with the right investment plan and sufficient risk, you can have a good chance to, especially with a higher CETV during low interest rate environments, grow your investments above the value of the Defined Benefit benefits.
However, even if you feel like you fit the bill of those reasons for a transfer, it is incredibly important to have a Financial Adviser discuss your situation before you go ahead and obtain formal FCA DB Advice.
Ultimately, you have to think: when transferring out of your Defined Benefit pension you are giving up a guaranteed, indexed income, which is very secure and safeguarded. Thus, most people who give up this safety tend to be willing and able to take investment risk.
Reasons to Not Transfer Your Final Salary Pension
A Monthly Income suits your Retirement Needs
If a regular, consistent, escalating income stream is ideal for you, and allows you to achieve all your retirement goals, then there is hardly much rationale to take on additional risk.
Whilst an annuity-style income doesn’t suit everyone, it is easy to plan and budget with it, and also allows you to focus on obtaining flexibility with other portions of your retirement assets, such as 401ks, IRA’s, brokerage accounts etc.
Your Final Salary Pension is a significant portion of your retirement assets.
A defined benefit pension transfer should typically not be done if the pension itself is the vast majority of your retirement assets. Considering the risks associated with investing in a wide range of investments that the SIPP can offer, you may be unlucky (or reckless if not suitably invested) and fail to obtain solid investment returns, and you lack other resources to help manage and mitigate the risk, and offset those lower than expected returns.
Of course, this is not always an immediate reason not to transfer, as you could have ill health or other reasons that are just as strong to transfer, but it is rare.
That is why it is important to seek advice from a regulated financial adviser. The FCA states that all regulated financial advisers must start the advice process with the position that a transfer is not suitable.
You’re a Conservative Investor
When you have a defined benefit pension scheme, you do not have to worry about the risks associated with the investment. However, your pension must still be paid by the pension provider, and the employer must carry the investment risk.
Contrary to the defined benefit pension, if you choose to transfer your final salary pension into a SIPP, you will be faced with investment risk, along with several other risks like shortfall risk, inflation risk and sequencing risk.
Whilst equities typically increase in value, especially over a long time period, that is the risk that your assets underperform, and you will have to live on a considerably lower income than you anticipated. Your risk tolerance is, therefore, an essential factor to consider.
If you are unable or unwilling to invest significantly into equities, then you are very unlikely to obtain the returns that make a transfer worthwhile, nor would you be comfortable taking the added risk from transferring your DB scheme.
There is no point transferring a pension if the subsequent investment keeps you up at night and gives you hypertension!
The above are general reasons as to why it may not be suitable to transfer your DB pension. However, it is never wrong to always seek guidance from a regulated financial adviser, such as those at Cameron James. With the right guidance, you will be able to make the right decision whether to obtain DB Advice or not.
Why Use Cameron James for Your UK Defined Benefit Pension Transfer?
Now that you have read this far and understand a bit more about defined benefit pensions and the consideration to transfer it or not, where should you go from here?
We strongly advise that you get financial guidance to see whether obtaining formal FCA DB Transfer Advice is likely to be a sensible option for you. We are highly experienced in this field and can often spot when a final salary transfer may not be the best advice at a very early stage, thus saving you time and money. We can also clarify any fees that may be charged, should you ultimately decide to obtain DB Advice.
Cameron James has years of experience in terms of pension transfers. We are trusted by expats in 23 countries across 6 continents. Our financial advisers are experienced, qualified and both SEC regulated and on the FCA Register to ensure that your pension advice & transfer process is in safe hands. We know and understand your needs and what is required in this incredibly complex area of advice.
Our Google Reviews says it all. We have experience helping US Residents with their UK defined benefit pension transfer into alternative schemes.
Your dedicated advisor at Cameron James will happily assist you in guiding you through your defined benefit pension transfer process.
Every one of our Advisers undergoes weekly Continuing Professional Development (CPD) training. This ensures that they are up to speed on industry updates and are in the ideal position to give you guidance. This is especially important in areas like DB Pension Transfer Advice, where the regulatory landscape is constantly changing.
Have You Considered All Things Above?
Click the link below to arrange a Discovery Meeting with one of our Regulated Advisers, at Cameron James’ expense.
We can talk you through the whole process, including a full breakdown of the specific advantages or disadvantages for yourself and the costs involved with DB Advice, along with answering any questions you may have.