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Defined Benefit pension transfer
Transferring a final salary or Defined Benefit pension requires specialist knowledge.
Understanding your options
Defined Benefit pensions, sometimes called final salary pensions, are rare these days. If you have this type of pension, you may struggle to find the right kind of expert support you need.
Help is at hand. We’re approved providers of Defined Benefit pension transfers, and we’d be happy to chat to you about your circumstances. The support you need is just a call or email away.
Specialist guidance, free from jargon
A safe pair of hands for your pension
The highest levels of expertise and insight
Who we can help
Because of the highly specialised and regulated nature of these kinds of pension transfers, we can only help if your case meets the criteria below.
The transfer value must exceed £350,000
You must not be planning to move abroad in the next five years
You must be at least 50 years of age, unless you’re terminally ill
You must not intend to withdraw a significant proportion of your pension (more than 25%) after transfer as a lump sum.
You must be a current UK resident and UK taxpayer (or non-taxpayer)
The scheme must be UK-based
You must not be an insistent client, someone who insists on a transfer where either we won’t advise further or where our advice is that a transfer is unsuitable
You must not be a self-investor, someone who wants to choose their own destination for the transfer rather than leaving this to your Financial Planner.
Just so you know...
We’re also unable to consider a transfer if you’re separated from your spouse or in the process of going through a divorce until there’s a court-approved and signed pension sharing order or finalised financial settlement in place.
What clients say
Since 1984, we’ve been delighting clients with our honest, empathetic approach to financial planning. But don’t just take our word for it. Here, you’ll find feedback and comments from PenLife clients in their own words. See for yourself what they say about their experience with us.
98.290%
of clients were satisfied that we understood their needs, aims, and objectives
94.440%
of clients believe that working with us has helped or will help them achieve their financial goals
92.910%
would recommend us to their friends, family, or colleagues
Initial consultation
The most important part of the process is the first meeting. This gives you the opportunity to meet us and ask any initial questions you may have. It also gives us the chance to learn more about you, including your life goals and financial aims and concerns. At the end of this meeting, you’ll be more aware of your options, how we might be able to help you, and what the next steps could be.
Full financial review
Sometimes, this stage will follow on directly from the initial discussion. In other cases, it’ll be a separate meeting. We’ll gather all your personal and financial details to help us understand your present position. If existing plans are in place, we’ll write to the relevant companies to ensure we have the information required to confirm your options, make our suggestions, and formulate a plan.
Ongoing service
If you decide to proceed with our recommendations, we’ll deal with any applications and transfers on your behalf, so you don't need to worry about a thing. Going forward, we’ll get together at your convenience for annual reviews, giving you the opportunity to let us know of any changes or planned changes to your personal circumstances. We’ll also review your plans to ensure they still meet your needs and are on track.
Presentation and recommendation
Once we’ve gathered everything we need and reviewed your overall circumstances, we’ll invite you back for a further meeting. Here, we can talk you through your current arrangements, put forward any recommendations we have, and explain how they fit into your plans. You’ll be provided with a report detailing our recommendations in full.
1. Initial consultation
The most important part of the process is the first meeting. This gives you the opportunity to meet us and ask any initial questions you may have. It also gives us the chance to learn more about you, including your life goals and financial aims and concerns. At the end of this meeting, you’ll be more aware of your options, how we might be able to help you, and what the next steps could be.
2. Full financial review
Sometimes, this stage will follow on directly from the initial discussion. In other cases, it’ll be a separate meeting. We’ll gather all your personal and financial details to help us understand your present position. If existing plans are in place, we’ll write to the relevant companies to ensure we have the information required to confirm your options, make our suggestions, and formulate a plan.
4. Ongoing service
If you decide to proceed with our recommendations, we’ll deal with any applications and transfers on your behalf, so you don't need to worry about a thing. Going forward, we’ll get together at your convenience for annual reviews, giving you the opportunity to let us know of any changes or planned changes to your personal circumstances. We’ll also review your plans to ensure they still meet your needs and are on track.
3. Presentation and recommendation
Once we’ve gathered everything we need and reviewed your overall circumstances, we’ll invite you back for a further meeting. Here, we can talk you through your current arrangements, put forward any recommendations we have, and explain how they fit into your plans. You’ll be provided with a report detailing our recommendations in full.
Our Google reviews
Refer a friend
Hundreds of people have benefited from our expert support over the years. If you’re one of them, why not spread the word? For each of the first five referrals you make, we’ll pay you £50. For every referral after that, we’ll increase it to £100. And you can refer us to as many people as you like.