What are the pension self-transfer rules?
Final salary or defined benefit company pension schemes are becoming less common due to the burden on employers of running these schemes. There are specific pension transfer rules which make these types of pension difficult to transfer yourself, without the help of an adviser.
If your final salary pension is worth more than £30,000, then under pension transfer rules, you must by law seek regulated financial advice before you transfer it.
Regulated financial advice will help you make the right decision.
You must also get professional financial advice if you have a defined contribution pension worth more than £30,000 which comes with a guaranteed pension at retirement.
If you don’t meet the two conditions above, it is likely you can choose to transfer it yourself. However, a second professional oppinion, never hurts.
To discuss your pension options or for further information, please contact me. I will be happy to help with whatever questions you may have.
Rob.
E: robert.gourlay@holbornassets.com T: (+6) 01151565649 W: www.rgwealthsolutions.com
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