Welcome to our series of videos, entitled ‘Defined Benefits In Focus’


With the increasing interest in pension freedoms, we have put together these videos to explore the benefits that could be provided to you from your Defined Benefit Pension Scheme, the issues to consider if contemplating a transfer away from the Scheme and our approach to advising you in connection with your benefits.

In the first episode, we look at what a defined benefit pension scheme is, what benefits can be provided from it, how benefits can be taken and the death benefits that may be provided.

In the second episode, we look at the typical thought process when considering a transfer out of a defined benefit pension scheme and the questions that you may have surrounding this.

In the third and last episode, we look at the importance of financial advice when considering a transfer of your defined benefits.


Episode 1 – What is a Defined Benefit Pension Scheme?

This is the first of three episodes in our series, Defined Benefits In Focus. In this episode we ask the following questions:

  • What is a defined benefit pension scheme?
  • How are my benefits worked out?
  • I’ve received a statement and the benefits looks the same as when I left the scheme 20 years ago, why is this?
  • Will I have to pay tax on my pension?
  • What happens if I decide to take my benefits earlier or later?
  • Is my pension safe?
  • What happens to my pension when I die?


Episode 2 – Should I Transfer Out of my Defined Benefit scheme?

This is the second of three episodes in our series, Defined Benefits In Focus. In this episode we ask the following questions:

  • If I was making contact for the first time and looking for advice, what is your initial stance?
  • Boolers have helped clients in the past who have wanted to transfer, can you shed some light on why this is?
  • How long is the transfer value valid for?
  • Can I take some money out of my scheme?
  • If I’m currently in a scheme and still building up benefits, is now a good time to transfer?


Episode 3 – Pension Transfer Advice

In this, the third and final episode in our series, Defined Benefits in Focus, we ask the following questions:

  • If someone is thinking a transfer could work for them and wants to explore the options, what happens next?
  • What are the costs?
  • Sounds expensive?
  • To transfer, I need a letter signed by an advisor. Why can’t this be done without any advisor research, if I want to transfer my pension and I don’t need advice?
  • What would happen if you advise me not to transfer?
  • Assuming a transfer is appropriate, will you sign it off so I can make my own investment decisions, without any ongoing advice?
  • Once a transfer has occurred, are my finances reviewed?


Thank you for watching these episodes, which we hope have provided you with more information about Defined Benefit Pension Schemes and answered many of your questions.

If you would like us to provide you with advice specific to your Defined Benefits, please contact us.

To access more information in connection with Defined Benefit Pension Schemes, please visit the Money Advice Service website – click here