Should you transfer?


If you are lucky enough to have a deferred final salary pension, possibly the biggest financial decision of your life is whether to transfer it or not to a personal pension. And whilst in most cases a transfer will not be your best interest. You don’t want to miss out or make a bad decision.

With a minefield of complexity and the noise from scammers and other unregulated advisers. How do you know what to do?

In a nutshell, unless you need access to the tax free cash or pension now you are probably best to do nothing. A personal pension comes with investment risk and estimated future returns rarely outperform the guaranteed annual increases of a deferred final salary scheme.

But if you are looking at retiring now in full or part, need access to your tax free pension cash, or are in poor health then a transfer is something that you should, at least, consider.

So who do you talk to?

Ginkgo Financial is led by Daren Wallbank, one of only 5,300 chartered financial planners in the UK, and one of only 2,500 to hold a Fellowship with the Personal Finance Society. Additionally, Daren is one of the first to hold the new CII certificate in Pension Transfer Advice.  Daren has been advising people on the pros and cons of final salary pensions and the new pension freedoms regulations since they came into force in April 2015.

Daren is happy to hold a free initial telephone call with you, to put your mind at rest, give you an honest second opinion or just answer your final salary concerns.

Remember any decision to transfer is irreversible, so make sure you are well advised.

Transferring out of a Final Salary scheme is unlikely to be in the best interests of most people.