Frequently Asked Questions

A pension transfer is when you transfer you defined benefit/ final salary pension to a defined contribution scheme.
If you have a defined benefit/ final salary pension, then you may be able to transfer your pension. If you cash equivalent transfer value (CETV) is worth over £30,000 then you are required to get financial advice in order to transfer your pension.
Your Pension goes into a personal Pension where you are able to control how and when you take money from it. You must be over age 55 to be able to take money from it and 25% of it is tax free.

There are various reasons why you might transfer your pension, ranging from:

  • poor health,
  • no spouse or partner,
  • large deficits (black holes) in some major company pension schemes,
  • the ability to benefit from the 25% tax free cash from age 55,
  • the possibility to access income flexibly and to vary the amount,
  • the possibility to pass on any leftover pension monies to future generations as pension savings or capital (taxed),
  • transfer values (CETV) are presently high due to low interest rates and gilt yields.

Firstly, you need to request a 'Statement of Entitlement' from your scheme administrator. This will contain the scheme details along with the guaranteed transfer value and the deferred benefits. Your Pension transfer specialist will then use this, along with the detailed fact-find document to assess whether it is in your best interests to transfer the benefits.

The whole process from start to finish will normally take 6-8 weeks.

The costs vary depending on the value of the transfer. The cost that Advies Wealth charges is between £5,950 and £20,000.

You will be presented with a full report that details advice that the Pension Transfer Specialist recommends. However, the final decision is up to you and if you choose not to proceed, you can revisit the process again at a later date.

If you would like more information about a pension transfer, all you need to do is fill out the contact form on our website and one of our advisors will be in touch with you shortly.

Book your consultation today