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
If you’re looking forward to retirement, the last thing you want is loads of complicated pension documents to decipher. We’ll keep things clear and simple, and make sure you’re always up to date on progress.
A safe pair of hands for your pension
We’re proud to have helped a number of people with their Defined Benefit pension transfer requests over the years. Choose us, and you’ll enjoy the same great support and a seamless process.
The highest levels of expertise and insight
Choose us, and you’ll work with a highly and consistently accredited Chartered firm. This distinction means all our Financial Planners have to follow strict ethical and professional guidelines, and always put your needs first.

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.

View all
99.510%

of clients were satisfied that we understood their needs, aims, and objectives

94.900%

of clients believe that working with us has helped or will help them achieve their financial goals

93.170%

would recommend us to their friends, family, or colleagues

Our process

Without the right care and consideration, financial planning can leave you feeling overwhelmed. That’s why we created a straightforward, four-step approach to remove any uncertainty and help you make the most sensible decisions.

Tell me more
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.

Our process

Without the right care and consideration, financial planning can leave you feeling overwhelmed. That’s why we created a straightforward, four-step approach to remove any uncertainty and help you make the most sensible decisions.

Tell me more
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.

Meet the team

When you’re seeking help with something as important as your finances, you’ll want to deal with people you can rely on. Choose PenLife, and you’ll get expert service, delivered with a smile, at every stage of your journey with us. Read on to find out more about what makes us tick.

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