Final Salary Pension Transfer Aberdeen
Conveniently located in Aberdeen’s city centre, and servicing the whole of the North East of Scotland, Scottish Pensions’ team of Independent Financial Advisers are specialists in the transfer of Final Salary Pensions, or as they are also referred to as ‘Defined Benefit Pensions’.
The transfer of these unique pension funds has become popular recently since the change in rules surrounding pensions in 2015. This has been coupled with exceptionally high transfer values, thanks to lower gilt yields.
How long transfer values will remain high is anybody’s guess, however, anyone considering transferring out of their Final Salary Pension should not delay.
We understand that you’ll want to know how much we charge, that’s why we provide competitive ‘Fixed Fee’ quotations.
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Our panel are fully regulated and hold Diplomas in Financial Planning and an Advanced Diploma in Pension Planning.
Our Final Salary Pension transfer specialists in Aberdeen are offering anybody with a DB pension the opportunity of a free consultation, which can be arranged in the comfort of your own home. During your consultation we can discuss your personal circumstances, get an appreciation of the size of you fund and discuss your options should you wish to move forward.
Your free consultation can be arranged easily by calling or head office on 0141 465 1909 or by completing the enquiry form at the foot of this page.
4 good reasons why your should review your options:
- Transfer rates are at an all time high with absolutely no certainty how long these circumstances will remain.
- Unlike a Final Salary Pension, private plans can become a family asset which could be passed down to the next generation.
- Larger tax free lump sums. Once you are over the age of 55 you will have the option to a take a 25% tax free lump sum. Once you have transferred it may well be possible to take a larger lump sum than you would otherwise be able to under a Defined Benefit pension.
- Tax advantages. Many clients benefit from improved tax advantages once they have transferred their fund which are not available to Final Salary Pension plan holders.
The Transfer Process:
Step 1 – A detailed report is prepared
Following your initial consultation a member of our specialist transfer team in Aberdeen will prepare a detailed report which will highlight all issues relating to a potential transfer. We will then arrange a face-to-face meeting with you to talk you carefully through every aspect of the transfer and answer any queries you may have.
Step 2 – Completion of the transfer
Assuming you’re keen to go-ahead, your adviser will discuss a range of suitable pension funds to accept your pension, unless you have a fund in place already.
Step 3 – Ongoing relationship
At your discretion, you may choose to meet periodically with one of our advisers in Aberdeen. The benefit of meeting regularly is that is that you are always ensure your fund is performing well and to its maximum potential for many years to come.
How much could my Transfer Value be worth?
Transfer values are unique to your fund and your personal circumstances however shown below are are two examples to give you an indication of possible values:
- An individual aged 55 who is entitled to a pension of £30,000 per year from the age of 65 could potentially receive a transfer value of around £600,000.
- An individual aged 55 who is entitled to a pension of £30,000 per year from the age of 60 could potentially receive a transfer valued around £750,000.
Understanding the risks
Anyone considering transferring out of a Final Salary Scheme should appreciate that once a transfer has taken place the decision is irrevocable and that the valuable benefits from the scheme are lost. Your adviser will take your through a rigorous process which will clearly highlight the risks and benefits of transferring — and advise if transferring is right for you.
Get in touch…
Making an appointment with an Final Salary Pension transfer specialist in Aberdeen is straight forward. Simply compete the enquiry form below and a member of our team will call you back at time that suits you. Alternatively, you can call our head office directly on 0141 465 1909.
Our office hours are are open Monday to Friday 9am — 6pm.