Defined Benefit Transfer. In a final salary pension transfer your pension provider may offer you a certain amount of money in exchange for giving up your guaranteed. Defined benefit db transfers are very topical just now so were setting out our stall and detailing how well accept transfers going forward.
The regulations are there to protect you and your pension making sure youre aware of all the pros and cons before you decide to transfer it. April 2015 last updated. This is known as a final salary pension transfer or defined benefit pension transfer.
The fca have ruled that from the 01102020 all defined benefit final salary pension transfer advice must be provided on a non contingent basis except in some very limited circumstances.
It may also continue being paid to your. Irrespective of the outcome of the advice the client will be paying the same fee. In a final salary pension transfer your pension provider may offer you a certain amount of money in exchange for giving up your guaranteed. How much money you get when you retire is based on your salary and how long youve worked for your employer not how much youve paid into your db pension.