MMP134: Transferring final salary pensions
The Meaningful Money Personal Finance Podcast
Pete Matthew
4.9 • 1.7K Ratings
🗓️ 4 November 2015
⏱️ 36 minutes
🧾️ Download transcript
Summary
New rules governing pension death benefits which came into force in April 2015 have led to a large number of enquiries from people in deferred final salary pensions looking to transfer their benefits elsewhere.
But final salary, or defined benefit pensions are considered the gold standard of retirement planning, so why would these people want to transfer out, and are they crazy even to consider it? In today’s show we’ll look at all the ins and outs of this very thorny issue. This is an important one…
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This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk
In this session you will discover:
- Why the new pensions freedoms rules have led to lots of enquiries about transferring final salary pensions
- The reasons people are giving for exploring transferring out
- The mechanics of how transfers work
- The factors you should consider if you're thinking about doing this
- What the risks are in transferring out your defined benefit scheme
- The essential steps you should take before proceeding
- The ultimate reason for NOT proceeding with a final salary scheme transfer
After listening to this session, you may get the impression that I’m absolutely not in favour of transferring DB schemes. That’s not true, but for the vast majority of people the guarantees of DB schemes are worth their weight in gold and when compared to the many risks involved in transferring, 999 out of 1000 schemes will be best left where they are.
Please think very carefully about making the decisions to transfer and do seek competent advice.
Join the conversation
I love to read and respond to your comments, so please do join in and share. Question: Are you looking into transferring your final salary pension scheme? If so, what are your reasons?
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Transcript
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| 0:00.0 | Hi folks and welcome to the Meaningful Money podcast session number 134. |
| 0:04.9 | Hi, yes, let me transfer you. |
| 0:14.2 | This is the award-winning podcast dedicated to helping you put your finances in order. |
| 0:20.5 | My name is Pete Matthew and I'm going to share with you everything you need to know and put your finances in order. My name is Pete Matthew, and I'm going to |
| 0:22.1 | share with you everything you need to know and everything you need to do to secure your financial |
| 0:26.5 | future. I'm here to help you make sense of money. |
| 0:36.9 | Hello, hello, hello. Welcome back to the show, folks. Great to have you with me once again. |
| 0:41.9 | New rules governing pension death benefits, which came into force in April 2015, have led to a large number of inquiries from people in deferred final salary pensions looking to transfer their benefits elsewhere. |
| 0:56.5 | Jeepers, that was a really long sentence. |
| 0:58.5 | Sounded much better when I wrote it. |
| 1:00.4 | Anyway, pension rules changes mean there's lots of people in these fantastic pensions looking to get out. |
| 1:07.0 | All right? |
| 1:07.6 | These final salary or defined benefit pensions, they're considered the gold standard of retirement planning. So why would these people want to transfer out? Are they crazy to even consider it? Well, in today's show, we're going to be looking at the ins and outs of this pretty thorny issue. This is an important one, folks. If you're in a final salary scheme, if you have been in a final salary pension scheme, |
| 1:29.7 | you're going to want to listen up to this one. It's really important. |
| 1:32.1 | Usual drill, after the main body of the show, I'll be looking at the most recent reviews, |
| 1:35.9 | which have been left for me, which are very kind listener this week. He's left me a review on iTunes. |
| 1:41.8 | Obviously, I'll announce what we're going to be talking about next time. |
| 1:48.8 | And also, I've got another announcement, so stay tuned for that. As ever, though, before we get into any of that, remember that this podcast is brought to you with the help of Seven Investment Management, |
| 1:53.3 | which is a firm of investment managers based up in London. Seven, I am specialized in multi-asset |
| 1:58.9 | investing, which brings institutional level investing techniques |
| 2:02.5 | to ordinary people, just like you and me. 7.I.M. continue to put their name to the show here |
| 2:07.3 | to my site because they believe in what I'm doing, which is trying to get decent, easy to understand |
... |
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