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. It’s important that you receive advice before transferring out as you will lose valuable guarantees.

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

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. It’s important that you receive advice before transferring out as you will lose valuable guarantees

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

£22,000 a year when you retire, or £450,000 today?*

Ahmed is 57 and lives in Edinburgh with his long-term partner Sharon who is also 57. They are both in good health and intend to retire when they both reach age 65. He would like to have the flexibility to access his pension as it is his only source of income in retirement.

Ahmed’s pension will offer him £22,000 per year, or a transfer value of £450,000.

Whilst the transfer value is attractive, Ahmed has no other assets to rely on in retirement, and therefore retaining the guaranteed income in his final salary pension scheme is the best solution as it will provide him with security in retirement.

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?*

Emily is 40 years old, single and lives on her own in Leeds. She is concerned that if she were to die, her pension fund would not provide any death benefits, and she would like her parents to benefit.

Emily intends to retire at age 67 and isn’t sure what she will need in retirement as it is so far in the future.

Remaining in her Final Salary scheme is the best solution for Emily, as she is uncertain of her future needs and she could secure death benefits through life assurance if required.

* 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

Reviewing 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 will 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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