Final Salary Pension Transfer Glasgow
Scottish Pensions are Scotland’s leading transfer specialist for Final Salary Pensions in Glasgow and West Central Scotland.
Final Salary Pensions, or as they are sometimes referred to as Defined Benefit Pensions, are unique pension funds which are currently enjoying exceptionally high transfer values. This has led to many individuals reviewing their options.
During 2017 alone Scottish Pensions’ Final Salary Pension transfer division fielded several hundred enquiries relating to Final Salary Pension transfers.
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.
Free consultations in Glasgow:
Scottish Pensions are delighted to offer anybody with a Final Salary Pension a free consultation to review their options. Consultations can be carried out in the comfort of your own home, in city centre offices or over the phone should your prefer.
5 reasons to consider your options?
- Transfer values are exceptionally high at the moment, however, there is no certainty how long these transfer values will remain.
- Moving from a Final Salary Pension to a private plan means that the your pension has the opportunity to become a significant family asset which can be passed down to the next generation should you so wish. This is not currently an option with Final Salary Pension (Defined Benefit Pension).
- You may also be able to take a higher tax-free lump some than you otherwise would have been able to under a Defined Benefit Pension plan.
- After the age of 55 you can access you pension as you choose and are not limited to a fixed monthly income. You can of course leave your fund untouched and allow it to grow until you are ready to access it.
- Transferring to a private pension has certain tax advantages. For many clients our advisers have been able to restructure their finances which lessens future income tax burdens.
The Transfer Process
Following your free consultation our advisers will prepare a detailed report which takes into account all factors relating to the transfer. We will then arrange a follow-up meeting, in-person, where we can talk through in detail all permutations and whether a transfer is right for you and your circumstances. You will also have the opportunity to discuss any queries you might have.
Completion of the transfer:
Assuming that you choose to proceed with a transfer your adviser will recommend a pension to transfer your funds into, unless you have a preferred fund already in place.
Our Service doesn’t end with the transfer:
We recognise that taking ownership of your own pension fund may be something that will take a little to getting used to. If you wish we can arrange for your adviser to meet periodically with you to review the performance of your fund, ensuring it’s on track and performing to it’s maximum potential for years to come.
How much can you expect from a pension transfer?
The value of a transfer is unique in every situation, and depends on your age as well as the specific benefits that are offered by individual pension schemes. To give you an idea of what your transfer value may be, here are some examples based on recent transfers.
If you are close to the normal age of retirement, then the value of the transfer will typically be higher.
- 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 valued at £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 at £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.
Arrange your Free Consultation
Free Consultations can be arranged easily by simply completing our Enquiry Form below or you can call our head office in Glasgow on 0141 340 9780 between the hours of 9am and 6pm, Monday to Friday.