Defined Benefit Transfer Service
Advising on Defined Benefit Pension is a very complex and specialist area of financial planning.
It is a very challenging area of advice as the legislation is constantly changing and many firms who previously advised in this area have pulled out of the market.
We spend the first few meetings discussing the benefits you have and explaining how important they are, only then will we support you through the full advice process.
The first step of our process is to meet and go through our Pension Transfer Questionnaire. This provides prompted questions to allow us to fully discuss your thoughts and goals.
Charge – No cost
Outcome – You understand the advice process, the costs involved and whether you wish to proceed to the next step. We then provide you with a ‘client pack’ to complete.
We will meet to undertake a risk presentation in order to determine your risk profile and understand more about how you see risk in relation to the benefits within the Defined Benefits Scheme Pension.
Charge – No cost
Outcome – You are fully informed about investment risk to help determine a suitable risk profile.
Once we receive:
We are able to show you what you could receive from your current Defined Benefits Scheme.
Charge – £500 plus £150 for each additional scheme.
Outcome – You will be fully informed about how much you would receive from the Defined Benefit Scheme, death benefits and what full analysis would look like.
Complete what is known as an APTA (appropriate pension transfer analysis) and TVC (transfer value comparison). These help us analyse whether it is beneficial for you to retain or transfer part/all of your scheme.. We will present our findings to you and provide a detailed written report confirming our recommendations.
Charge – 2% (collared at £5,000 and capped at £15,000) plus £1,500 for each additional scheme
Outcome – At this stage we will recommend that you retain or partly/fully transfer. You do not need to follow our advice.
