Final Salary (defined benefit) Transfer Advice

The Financial Conduct Authority (FCA) introduced new rules in respect of defined benefit transfer advice effective from 1 October 2020.

We will continue to offer the full advice process if you meet all the following criteria:

  • You are a deferred member of defined benefit scheme, with a transfer value of £250,000 or more and at least 10 weeks remaining of the guarantee period
  • You are at least 55 years old (or in serious ill health) and intending to access benefits now or within the next 18 months
  • You are a UK resident

If you meet all the above criteria, we can advise you on whether you should keep your benefits within the existing defined benefit scheme or transfer out to a new pension that we recommend for you.

Please note, we will not arrange a transfer for you if we recommend that you should remain in your existing scheme.

From 1 October 2020 our full advice fee incorporates the costs associated with the receiving scheme, if we advise on the transfer.  This is no longer an additional cost, as confirmed in the video.

Our charges for this full advice process are £3,000 plus 1% of the Transfer Value, subject to a minimum fee of £5,500 and a maximum fee of £10,000. All fees are subject to VAT and are payable if we recommend you transfer or not.

Illustrative costs:

  • If your transfer value is £250,000, the advice will cost £5,500 plus VAT
  • If your transfer value is £600,000, the advice will cost £9,000 plus VAT
  • If your transfer value is £900,000, the advice will cost £10,000 plus VAT

If you are interested in considering a transfer from a defined benefit scheme, please contact us.