Why consider a final salary pension transfer?

Three reasons to consider a final salary pension transfer:

  1. Generous pension transfer values. Exceptionally low interest rates have led to high transfer amounts.
  2. Flexibility. From April 2015, take as much (or as little) income as you want in order to match spending requirements and plans for tax-efficiency.
  3. Pass the pension on. New rules will allow pensions to be passed down the generations, bypassing inheritance tax.

Three things to watch out for:

  1. High initial costs for advice and account set up.
  2. High ongoing costs that eat into investment returns.
  3. Inappropriate investments that put your pension fund at too much risk.

A final salary pension transfer is a high value, irreversible transaction that can have significant impact on your long term income security and your family's financial assets. It is now a legal requirement that you seek financial advice from an appropriately qualified adviser before you can take a pension transfer.

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