Recent years have seen some very radical changes to pension legislation in the UK; one of the most prominent changes was to the flexibility of accessing benefits.
'Pension freedom' as it is known by many, offers the ability to access the benefits in a variety of different ways, at a level, and at a time that suits the client's personal circumstances; it also enables pension assets to be passed on to family members that previously would not have been able to benefit.
However, members of Occupational Pension schemes (also often known as Defined Benefit or Final Salary Pension Schemes) are only able to take advantage of these new rules by first transferring to a Personal Pension or Self Invested Personal Pension Scheme.
In many cases, a client is still better off accessing their pension benefits from the original scheme, however, there are a great number of reasons why someone might want to seriously consider transferring.
Transferring the benefits from a scheme such as this could seriously impact your future financial security, and that is why someone considering this is required by law to seek advice from a Financial Adviser, and more importantly an authorised Pension Transfer Specialist.
At Kirk Ella Investments, we have one of the most robust processes in place, which includes a very comprehesive review of your own financial situation, objectives, and the scheme itself. This is absolutely essential before advising a client whether a transfer is in their best interests. Unlike many firms in the UK, we do not outsource the analysis of your scheme; we have a dedicated and highly experienced department which includes a number of qualified Pension Transfer Specialists that will oversee all aspects of the process; every single case is also reviewed by a Director in the firm.
As with all aspects of financial planning, no two clients are the same, and that is why it is absolutely vital that advice is sought. Transferring out of a defined benefit pension, well, any pension, should only be considered following an in depth analysis of the scheme, and your current financial situation.
If you would like to discuss your situation in more depth, or to arrange a free initial consultation, with absolutely no obligation, please contact Shane Beardsley on 01482 658989 or email firstname.lastname@example.org.