Published on: 06/29/18 04:00:pm
Contrary to the thoughts of many experts who believed that 2017 would prove to be the year UK pension transfers hit their peak, recent figures from the Office for National Statistics (ONS) show a record £10.6bn was transferred out of Defined Benefit schemes in the first quarter of 2018.
Defined Benefit schemes have come under the spotlight in recent years, with many believed to be at risk of failing. Firms such as Carillion, BHS and British Steel have entered liquidation with vast company pension fuelled black holes on their balance sheets. With pension transfer values at an all-time high, it’s easy to see why so many firms are telling you to cash in your defined benefit pension.
How transfers have grown since pension freedoms were introduced.
Should you transfer your pension?
Whether you are considering transferring your pension or not, we would strongly advise you get your scheme valued now while your options are still healthy and before you become yet another headline.
Our team of pension experts have already compiled thousands of extensive reports on behalf of our clients. With the findings of these reports we are able to make recommendations on the best course of action to ensure you maximise your returns.
Download your Free E-Book and get the facts behind the pension headlines:
- The benefits of staying in your existing DB scheme
- What a final salary transfer entails
- The difference between an annuity and draw-down
- Who is eligible to transfer
- The recent changes to expat pensions
- Why transfer values are so high
- The difference between SIPPs and QROPS
- What a 'pension wrapper' means
- The costs if you did decide to transfer
The Importance of obtaining professional advice
Such an important decision should never be taken without receiving sound advice that considers all options and eventualities.
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