Defined Benefit Pension Schemes

The pension freedoms introduced by George Osborne have caused many to question whether taking the guaranteed regular income offered by the DB scheme, from the scheme retirement age, is the right thing to do.

The lack of flexibility over how and when the DB pension fund is accessed means that for some members, transferring the pension from the DB scheme to a personal pension or SIPP, is an attractive option. This is not a decision to be taken lightly and any member considering a transfer where the transfer value offered exceeds £30,000, is required to obtain financial advice from a suitably qualified financial adviser.

The desire to transfer has been intensified for some by the fact that the Cash Equivalent Transfer Values (CETVs) offered by some schemes are ex