Final Salary Pension Transfers – Pensions Masterclass 4
I can’t really conduct a thorough review of the subject of pensions without addressing the subject of DB, or Final Salary scheme transfers. It’s a topic of such weight and current importance that to skip over it would be criminally negligent. So I’m revising an episode from back in 2015, re-recording and updating it a little bit in light of the last three years’ experience of this most delicate of financial transactions.
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Final Salary Pension Transfers
Since the pensions freedoms of 2015, many people have sought to transfer out of their DB pension schemes, also called final salary pension schemes, something which before the new rules was considered nothing short of insanity. Some people still take that view, but one things for sure, there is no more controversial, challenging and potentially life-changing financial decisions than the choice to transfer out of a DB pension scheme.
So let’s take a look at how it works, the thinking behind it and give you what you need to know and what you need to do, if anything about this delicate subject.
Resources mentioned in this episode
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And here's a kind-of transcript of today's show:
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