Real-life Examples of Final Salary Pension Transfers

£21,000 a year when you retire or £758,000 today?*

Mike is 55 and lives with his wife in London. His final salary pension entitled him to £21,000 a year from age 55. When Mike requested his pension transfer value, he was offered £758,000.

Mike’s aim was financial security for himself and family with the flexibility to access his pension as he wishes.

By transferring the pension, he received a larger element of tax-free cash and can maintain his income in retirement. Mike’s children will now inherit the remainder of his pension following his death.

* based on an individual circumstance and may not apply to every situation.

A woman pointing to a laptop screen while talking to a man

Real-life Examples of Final Salary Pension Transfers

£21,000 a year when you retire or £758,000 today?*

Mike is 55 and lives with his wife in London. His final salary pension entitled him to £21,000 a year from age 55. When Mike requested his pension transfer value, he was offered £758,000.

Mike’s aim was financial security for himself and family with the flexibility to access his pension as he wishes.

By transferring the pension, he received a larger element of tax-free cash and can maintain his income in retirement. Mike’s children will now inherit the remainder of his pension following his death.

* based on an individual circumstance and may not apply to every situation.

A man pointing to a pie chart on a TV while presenting to a woman

£29,000 a year when you retire, or £1.2 million today?*

Gregg is 57 and lives in Surrey with his wife Catherine who is 54. They are both in good health, but after working for 38 years in the aviation industry, Gregg is looking to retire now. He would also like to be able to leave inheritance to his family and have a flexible income in retirement.

Gregg’s scheme will offer him £29,000 per year, or £21,000 per year with a tax free lump sum of £144,000.

However, Gregg was offered a transfer value of £1.2 million and in transferring would receive an extra £113,500 for his tax free lump sum along with the ability to vary his income as he wished. Gregg’s wife and family will now inherit his pension if he dies.

A man sitting on a sofa using an Apple tablet computer

£20,000 a year when you retire, or £501,000 today?*

Keith is 55 from Manchester. He is struggling with his health due to working for many years in manufacturing and wants to retire now. Keith also has a family history of heart disease.

Keith wants the flexibility to take more now, and less in the future – something his scheme cannot offer. In also being conscious of his ill health, Keith is aware that his wife would only receive 50% of his scheme pension if he passes away.

Keith was offered a pension transfer value of £501,000 and chose to transfer to a personal pension. Now his wife will receive the full remainder of his pension pot if he dies and he can retire today, taking a flexible income as he wishes.

A man talking to a woman in front of a laptop

£18,000 a year on retirement, or £448,000 today?*

Sandra is 49 and lives in Derbyshire. She is married to Geoff who is 48 and they both want to retire at 65. They want flexibility in retirement and want to ensure that if something happens to them, their daughter will inherit Sandra’s full pension amount.

Sandra will receive a pension income of £18,000 from her scheme. However, Sandra wants to take a 25% tax free lump sum at age 55, but not draw on her pension as she wants to continue working.

Sandra’s scheme will not allow her to take a lump sum without retiring early, so Sandra chose to transfer with a value of £448,000, giving her flexibility in retirement. Also, Sandra and Geoff’s daughter will now inherit the full remaining pension amount.

* based on an individual circumstance and may not apply to every situation.

Read our professional guide to final salary pension transfers and get the inside track

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Let's talk about your Final Salary Pension

Transferring your final salary pension is an important decision. Our team of experts is here to help you. Call now on 0800 988 7139 or fill in your details and we'll contact you.

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With investing your capital is at risk. Investments can fluctuate in value and you may get back less than you invest. Tax rules can change at any time. There may be guarantees or benefits included within your final salary pension that you will lose upon transfer. The information provided in this promotion is for information purposes only. It should not be considered legal advice in any form.
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