Five tips

Five tips to get the right advice for your DB pension transfer

Jamie Smith of Foster Denovo says using an adviser with practical experience is key when deciding whether to transfer a final salary pension.

When thinking about transferring your defined benefit (DB) or final salary pension scheme, we believe it’s important to work alongside the right financial adviser – somebody who listens, understands and gets to the heart of what matters to you.

While it is a legal requirement to take specialist financial advice if you have DB benefits with a transfer value of over £30,000, it does not always mean that transferring will be the right outcome for you.

The search for the right financial adviser is not just about looking for someone with the correct qualifications, although of course that is important. It is also about making sure you choose someone who has a high level of practical experience in this area. The high level of complexity around transfers will likely be reflected in the price you pay for the advice, and so you also want to make sure that you’re comfortable you’re receiving the best value for money.

Below, we have outlined five key things we believe you should consider when choosing a financial adviser.

  1. Are they starting from the right perspective?
  2. Are they listening to you and looking at the whole picture?
  3. Are they considering the long-term impacts?
  4. How is the decision being assessed within the firm?
  5. How much practical experience do they have and what is the history of previous transfers they have dealth with?

Read the full article on Money Observer here.