The ‘pension freedoms’ introduced in 2015 combined with Final or Average Pension Schemes offering very generous transfer values for people to leave schemes have resulted in an increase in clients requiring advice in this area.

At Norfolk & Suffolk we have the necessary FCA permissions and expertise to advise clients on whether or not to transfer out of Defined Benefit Pension Schemes to a personal pension.

The decision of whether to transfer out of a defined benefit Pension Scheme is probably one of the biggest decisions a client will have to make. It is imperative that you are fully informed of the advantages and disadvantages before deciding whether to proceed.

Our three stage advice process is designed to assist you with making this decision and involves an initial fact finding meeting at our expense where we discuss your financial situation and also get an understanding of your reasons for wanting to transfer out as well as providing generic guidance on the implications of doing so. The objective of the initial meeting is to enable you to decide whether you wish to go to the next stage.

The next stage involves us producing a Defined Benefit Transfer and Retirement Planning Report, including a cash flow forecast, which will provide you a with a full appraisal of your situation, including the potential advantages and disadvantages to enable you to make an informed decision as to whether to proceed or not. This report attracts a separate fee.

Finally, assuming you decide to go ahead, we are able to carry out the research and recommendation of a suitable pension plan to accept the transfer from your existing scheme and then to deal with the implementation of the plan and arrange the transfer on your behalf. We can also provide an ongoing service where we offer annual reviews to monitor the performance of your pension plan as well as making any changes, should your financial situation or retirement plans change.