Should You Transfer Your Defined Benefit Pension?

Is your pension valued over 500k, but you’re unsure whether a pension transfer is right for you?

  • Would you like to understand more about the options available?

  • Is your scheme in deficit?

  • Will you be better or worse off by transferring?
  • Are you making the most of your pensions?
  • Are you in excess of the current standard lifetime allowance? How will a pension transfer affect this?
  • Are you seeking tax efficiency by transferring your pension?

What if there was a way to get clarity on what’s best for your unique situation?

  • Get regulated advice to understand if a pension transfer is right for you.

  • Gain confidence that your retirement funds won’t run out

  • Maximise your pension in retirement
  • Expert advice in a client-friendly, jargon free format

I can help you to understand your position, in relation to your unique set of circumstances and current scheme benefits

Helping you to uncover whether or not a pension transfer is a reasonable option to consider.

Jessica Cook
Private Client Adviser, Pensions Specialist, LLB (Hons) DipFA ASCI

Hi, I’m Jessica Cook, a Wealth Adviser to International professionals and families across the globe.

I have a wealth of recent and relevant experience providing you with the reassurance that you will be receiving the best possible advice in this complex area.

Featuring in the 2022 Times Newspaper Guide to the UK’s Top Rated Financial Advisers. My background is law, and a former career with the Financial Times. I am also a regular financial columnist for multiple publications.

+ 44 (0) 7857 555 692 | Email me

Neil Irwin

Global Head of Distribution - Cignia

Jessica saved me a significant amount of tax

Ive met many financial advisers over the years but can honestly say Jessica has the highest integrity and ability of any financial adviser I’ve met to date. She listens carefully, understands exactly what my objectives and risk appetite are before providing appropriate and alternative options. Her timely advice saved me a significant amount in tax and she is now entrusted with managing the pension pot I worked so hard to build over the last 25 years.

Arrange a free no-obligation 15min consultation today

I will help you to weigh up your long-term needs and assess the suitability of your current pension. Together we will explore whether a pension transfer could be suitable for you.

Call me direct

+ 44 (0) 7857 555 692

Leave your details & I’ll call you back

Enquiry form

Do you want to access your pension earlier than your scheme’s normal retirement date?

A Defined Benefit scheme is often very rigid in terms of accessibility. You will have a pre-defined NRD (Normal Retirement Date) which is the earliest you can access your benefits without penalty. A typical 
NRD is age 65. If you access your pension earlier than this, the scheme will apply early retirement factors and the amount you receive annually will be reduced. Conversely, with a Defined Contribution scheme or SIPP, you will have access to the entire pot from age 55 without penalty. (Although note this will increase to age 57 in 2028).

Jessica CookPensions Specialist, LLB (Hons) DipFA ASCI

No two clients are the same and I look at each case on its own merits. I will work with you to understand and add colour to your specific objectives.

Despite the many attractions of a Defined Benefit pension, and in particular the guarantees it can offer, a DB scheme is not as flexible as a defined contribution scheme. This is because you can’t vary the income you take from it, nor draw out larger lump sums. For example, you may wish to spend more in your younger years. Or take out a lump sum to pay off your mortgage. This won’t be an option for you with a final salary scheme. Increasing the flexibility your pension provides in retirement is often a key consideration of a possible pension transfer.

Jessica CookPensions Specialist, LLB (Hons) DipFA ASCI

I will ensure you understand both the risks and the benefits of a transfer before you make a decision.

Are you seeking more flexibility in accessing your pension?

Is legacy planning important to you?

A Defined Benefit Pension scheme does not offer the same death benefits as a defined contribution scheme or SIPP. This is because this type of pension cannot be inherited by your chosen beneficiaries. With a final salary scheme, when you die, there is usually a widows’ pension of 50% for your spouse, but most of the benefits will be lost on death, and it is unlikely that anything will pass to your children.

Jessica CookPensions Specialist, LLB (Hons) DipFA ASCI

Knowing any residual money you have will pass to your loved ones, often means that legacy planning is a key consideration for a possible pension transfer.

Simon Field

Executive Partner - Gartner

A real pleasure to work with

I have known Jessica for a couple of years, and have no hesitation in recommending her as a financial advisor. Jessica has helped organise my savings, providing insights and valuable advice without ever making me feel that I am being pushed towards some pre-determined agenda.

She has always made sure that she understands what it is I want to achieve before setting before me a choice of options. And her advice and explanations are clear without being patronising. A real pleasure to work with

Arrange a free no-obligation 15min consultation today:

*We value your privacy. Read our privacy policy

Testimonials

I feel I have received the best advise I could have had and feel that my pension is now much better off than it was before I started to work with Jessica.

From the start she gave open, honest and good advice. She answered all my questions clearly and helped me understand my options

Jessica was great, she provide guidance and advice in a way that was easy to understand. She is always available to answer my questions, offer advice and help solve any issues.

Jessica provided excellent impartial sound financial advice that we have been following to great effect for the past 5-years.

Download my free eBook:

Everything You Need To Know About Pension Transfers

In this eBook you will learn …

  • What is a pension transfer?

  • When would a pension transfer be a good option to consider?

  • Are there any circumstances under which I may not transfer my pension?

  • Transferring out of a final salary scheme

  • How are Defined Benefit Pensions Calculated?

  • What is a CETV? How will a transfer value be calculated?

  • How long does a pension transfer take?

  • What does a pension transfer cost?

  • The Lifetime allowance and pension transfers

  • Are there any tax advantages to a SIPP?

  • Transferring to a QROPS

Plus additional pointers when considering a pension transfer.

Download our 24 page eBook today and discover everything you need to know about pension transfers

Get my copy now

Fill out the form to discover everything you need to know about pension transfers today

*We value your privacy. Read our privacy policy

My expertise extends to overseas transfers and I am happy to provide advice in this area and consider QROPS where this may be a suitable solution.

Once benefits are transferred out of a Defined Benefit Scheme, this decision is irreversible and the guarantees associated with these schemes are lost. Whilst this is true, I know that every client is individual and has their own personal circumstances, needs and objectives.

I want you to make the right decision for you and your family.

We believe it is vital that anyone looking to potentially transfer their Defined Benefit pension gets the right ‘expert, unbiased and relevant’ advice prior to making any decisions. It is imperative that you understand the risks involved before making a transfer.

Call me direct

+ 44 (0) 7857 555 692

Leave your details & I’ll call you back

Enquiry form

Featured in

Pierce Cook

Commercial Director - ChatAbout LLP

So grateful for her insight

Jess is an ex-colleague from the Financial Times but latterly, we have worked together again at Mindful Money where Jess writes a regular offshore Private Adviser column for us. I am grateful for her insight and advice to our readers and only wish that she had more time to write more for us!

Arrange a free 15 minute consultation with me today:

+ 44 (0) 7857 555 692
Enquiry form