Final Salary Pension Advice


At Glasgow Wealth, we offer free consultations to those who are reviewing or are considering the transfer of their Defined Benefit Pension (or Final Salary Pension).

As qualified, regulated and independent Pension Transfer Specialists, we advise clients who have been members of some of the largest pension schemes in Scotland/ UK, as well as being able to advise on pension transfers from DB schemes of all sizes. For example: BT, Diageo, Tesco, Sainsbury’s, SSE, Scottish Power, RBS, Lloyds, BP, Shell, BBC & BAE Systems.



Final Salary Pension Transfers - Key Numbers PNG

Like many of those with Final Salary pensions you may have seen coverage in the press regarding Final Salary Pension Transfers. Or you may have spoken to colleagues who have transferred out of their Final Salary Pension scheme.

Record transfer values have contributed to a large increase in number of people looking to transfer their defined benefit pension; with some schemes offering 33-40 times what the annual retirement income would have been.

But what does that mean for you? Are you eligible? Should you transfer? And what are the risks and benefits to transferring out of your Final Salary scheme?

What are the benefits in transferring out of my Defined Benefit Scheme? 

Some of the benefits include:

  • High Transfer Values at present: Transfer values have increased markedly due to falling bond yields. In many cases, the values offered are thirty-to-forty times the annual pension the member is entitled to.
  • Flexibility in how you can take benefits from your pension: ‘Pension freedoms’ introduced in 2015 have given a lot more flexibility around when and how benefits may be taken from pensions. Gives the ability to take higher income early in retirement; or perhaps the ability to take tax-free cash from the fund while still working to meet other financial aspirations
  • Better Legacy/ ‘Death Benefits’: transferring gives greater ability to pass pension funds down to the next generation.
  • Tax Efficiency: more income flexibility allows more capacity for tax planning

Pension transfer advice Glasgow

Why are others transferring? 

There are many reasons for the upsurge in transfers out of defined benefit schemes, including the benefits listed above.
Introduction of pension freedoms in 2015 has allowed greater flexibility and control over when and how benefits may be taken (following transfer to a defined contribution alternative). And, to a certain extent, it grants greater control over income tax in retirement.

For many clients, we have found a key driver for ultimately deciding to transfer has been the ability to cascade pension assets down to the next generation, carving out the ability to leave a – usually tax-efficient – legacy.

What is my pension likely to be worth? 

As mentioned, some schemes have been offering Transfer Values of 33-40 times what the annual retirement income would have been. And so, for someone that was due £5,000 each year in retirement, their Cash Equivalent Transfer Value could be as much as £165,000 – £200,000. If you haven’t yet requested a Transfer Value, we can help you obtain this from your pension administrator.

Should you transfer? 

Simply put, everyone’s circumstances are different. Transferring a pension is certainly not for everyone and the advice can often be to remain within the security of the scheme. Thankfully getting advice is not as difficult or daunting as you may think.
We offer free initial consultations to help you understand your options. These can be face to face, over the phone or video call, if more suitable. To book your free consultation:


Complete our > Contact Form

Call us on: 0141 328 3916

Email us oninfo@glasgowwealth.co.uk


Who do Glasgow Wealth advise?

As pension specialists we are qualified and experienced in advising on pension transfers from Defined Benefit/ Final Salary schemes in the UK. This includes advising members of some of the largest pension schemes in the UK. Some examples of schemes below:

  • BT Pension Scheme
  • Tesco Pension Scheme
  • RBS Group Pension Scheme
  • BP Pension Fund
  • Barclays Bank Retirement Fund
  • BBC Pension Scheme
  • Lloyds Bank Pension Scheme
  • Diageo Pension Scheme
  • Scottish Power Pension Scheme
  • BAE Systems Main Scheme
  • Alliance Boots Pension
  • Scottish Hydro-Electric Pension Scheme
  • Comet Pension Scheme
  • Shell Pension Fund (SCPF)
  • Scottish Amicable Pension Scheme
  • Scotia Gas Networks
  • Abbott Laboratories Pension Fund
  • National Grid UK Pension Scheme
  • Unilever UK Pension Scheme
  • Co-Op Group Pension Scheme

Many deferred members of Defined Benefit schemes are considering a transfer out of the scheme. Helped by recent high transfer values, there can be a compelling case for transfer. However transferring out of a Defined Benefit/ Final Salary Scheme is not for everyone – which reinforces the need for robust and independent financial advice.


For more information:

-> Pension Advice & Retirement Planning 

-> How much is your Pension Worth? – Pension Calculator 

-> Final Salary Pension Transfers – are they worth the risk? 


Tags: Defined Benefit Pension Advice. Independent pension transfer advice; Final Salary pension transfers. Final salary pension transfer advice
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