If you have a defined benefit (final salary) pension you can choose to transfer the benefits you’ve built up out of the pension scheme and into a personal pension.

For some people giving up some or all of their final salary benefits is the right thing to do, but for others it may not be. Either way it’s an irreversible decision so it’s important to make sure that it’s the right one.

Reasons for and against transferring

How we can help

HUB Pension Consulting, part of the HUB Group, offer a pension advice service which can:

• help you to understand the pension benefits available to you by keeping your pension within your current pension scheme
• help you to understand the options and benefits available to you by transferring out of your current scheme and into a personal pension
• advise you as to whether or not taking a transfer would be right for you
It’s a legal requirement to take independent advice if your transfer value is greater than £30,000.

If you transfer out of your pension scheme, you can’t change your mind and transfer back later and so taking financial advice - regardless of the value of your transfer - is a good idea.

HUB Pension Consulting have experience of dealing with pension transfers that range in value from less than £1,000 to £2.9 million.

Contact our HUB Pension Consulting team to find out more on 0800 995 6014, Monday to Friday, 9am-5pm.