In years gone by, Final Salary pensions were the norm for many employees. At the end of your working life, you would receive a guaranteed, often index-linked, pension until you died. Furthermore, if your spouse outlived you, a proportion of the pension income continued to be paid.
For most people, the thought of giving up an often generous, guaranteed pension, never occurred to them.
However, a combination of the introduction of Pension Freedoms in 2015 and the relatively high transfer values offered by some schemes, has increased the number of people transferring their Final Salary pension into an alternative arrangement.
If you have a Final Salary pension you may be considering the options available to you, especially in the light of the Covid-19 pandemic.
Please click the ‘Download’ button to get your copy of the guide. In there, you’ll find useful information about:
Transferring out of a Final Salary scheme is unlikely to be in the best interests of most people.
The pros and cons of transferring your Final Salary pension, and the effect of Covid-19