Corporate solutions for Defined
Benefit pension transfer advice

Pathways for DB scheme members

We are proud to hold the PFS (Personal Finance Society) Pension Transfer Gold Standard.

Any member/employee with DB (defined benefit) pension benefits over £30,000 and looking to transfer to a DC (defined contribution) arrangement will need to receive formal regulated advice from a 'pension transfer specialist' before the scheme can effect the transfer.

On a straight value basis, it is unlikely DB benefits will be fully replicated in a new DC scheme, however due to current economic conditions, individual transfer are at record highs and interest in DB transfers is undoubtedly gathering momentum. In addition, with the new pension freedoms, other softer benefits might be of significantly greater importance to an individual. For example, someone looking for the flexibility to take high income between retiring and receiving another pension income or someone who is attracted by the more flexible death benefits now available in the DC world.

Everyone's retirement will be different and it's vital to understand about an individual and their circumstances, priorities and objectives when advising whether to transfer or not - hence the need for specialist advice. There can be a number of good reasons to transfer and conversely, there can be many good reasons not to transfer and members must be very clear what they are giving up before they give it up. 

Where a transfer is recommended, the new DC pension must be invested appropriately and reflect the assumptions used when analysing the transfer. This is never a one-off process and ongoing advice and investment monitoring will be needed to keep the plan on track and help the member achieve a safe and good quality retirement outcome.

We have tremendous experience in DB transfer advice and have reviewed in excess of 4,000 DB transfers since our launch. One of the key advantages of working with us is the consistency of service, outputs and reporting for enquiries throughout the UK and overseas.

Contact us to find out how we can help you and your members with DB transfer enquiries.

Pathways: Delivering quality member outcomes.


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