Defined Benefit Pensions

I’m not going to lie, this area of advice is highly specialised and can be quite expensive. There’s a vast list of rules and guidelines that must be adhered to, together with some complex calculations to be performed. You may have even struggled to find an adviser authorised to give advice in this area. Well look no further.

I've tried to simplify the potentially daunting process by breaking my advice down into three stages; Triage, Abridged, and Full advice.

1.   Triage This is usually a phone call, lasting around 30 minutes. I get the basic details from you and listen to what it is you’d like to achieve. There are only a handful of reasons why I would consider offering pension transfer advice, so if you don’t fit this criteria, I will tell you. Don’t worry, you won’t be charged for the triage process. 

2.   Abridged If after triage, you meet the criteria and I think your case has merit, I collect more information. I’ll ask you questions about your income & expenditure, details of your other assets, and your overall income needs throughout retirement. You’ll receive a report outlining the Pro’s and Con’s of the options available to you. There Is a fee for this report and because everyone‘s situation is different, the fee is a little different. As a rough guide, the average fee is £1,250. I’ll agree the exact fee with you before I begin so you won’t have any nasty surprises

3.   Full  If, after the abridged stage, we both agree that a transfer could possibly be right for you, I undertake more in depth work. I’ll need detailed information about the scheme, other pensions or streams of income. I’ll do lots of calculations and income forecasts based on different scenarios, and I’ll formulate my recommendation. We’re in regular contact and I keep you informed of my progress. At the end, you’ll receive a report and we’ll have another meeting to go over everything. There is a fee for this level of service but it’s impossible to tell you what this is until I know your situation. I will confirm and explain the fee to you before the process begins.

If I do recommend a transfer of your defined benefit scheme, I’ll complete all the necessary paperwork and see it through to conclusion on your behalf.