The Final Salary Pension or Defined Benefit is often referred to as a goldplated pension. This is because final salary pensions provide a guaranteed, indexlinked income in retirement. Transferring a Final Salary pension is giving up on your income for the rest of your life for a lump sum. This sum is then shifted and invested in another pension plan. The cost of moving a final salary pension can vary depending on various factors, including the size of the pension pot, the complexity of the transfer, and the fees charged by financial advisors or pension providers.

If you’re considering transferring your defined benefit pension or assessing an incentive offer, it’s important to get financial advice. It's crucial to carefully evaluate the costs and benefits of transferring your final salary pension before making any decisions. Seeking professional advice from a qualified financial advisor can help you understand the potential costs involved and make informed choices regarding your pension transfer.

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Key Points of the Video:

How Much Does It Cost To Move Final Salary Pension?
— The cost of Defined Benefit pension transfer includes a fixed DB Report Fee of £3,000£3,500 and an asset size fee of 13%, depending on the size of the transfer value, number of DB Schemes being assessed, and residency of the member.
Transfer Analysis and Advice Fees:
— These fees allow the Financial Adviser for providing advice and help with your pension transfer on your behalf. Given the complexity of Final Salary Pension Transfers, It's often involving weeks or even months of work. This Is Why It Will Cost You Thousands Of Pounds.
Ongoing Financial Advice Fee:
— Similar to hiring a property management company, engaging a financial adviser ensures your investments are managed effectively over time. Their expertise can optimize gains and minimize losses, providing valuable peace of mind.
Platform Charge:
— Much like a service charge that you would pay if you owned a flat. It is charged by the company that provides the investment and covers the cost of the running of the platform.

Reference:
https://www.cjfinance.co.uk/pensiont...
https://www.fca.org.uk/consumers/pens...
https://www.fca.org.uk/firms/british....
https://www.ginsglobal.com/articles/9...

Video Timestamps:
0:00 Introduction
0:24 Why You Have To Pay For DB Pension Transfer Advice
1:35 DB Pension Transfer Cost Breakdown
4:13 Why DB Transfer Expensive?
5:23 What Should You Check Before Working With IFA
7:33 What Should You Expect From Your IFA
8:20 Outro

Disclaimer
All Defined Benefit Pension Transfer Enquiries Completed By Trusted Independent 3rd Party FCA Regulated Pension Transfer Specialist

The Information on this channel is provided for education and informational purposes only. The information contained in or provided from or through this channel is not intended to be and does not constitute financial advice, investment advice, tax advice, or any other advice. You Should not make any decision, financial, investments, tax, legal, or otherwise, based on any of the information presented on this channel without undertaking independent Due Diligence and Consultation with a Professional IFA or Financial advisery.

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