A service we are proud of
As our client you will receive the highest standard of service from a team of highly qualified professionals including both Fellowed and Chartered Advisers.
We recognise that everyone is different and therefore as part of our ongoing commitment to the highest level of service we are proud to be Independent, Chartered and Whole of Market. This means we are able to provide a full service proposition covering pensions, annuities and investments and are able offer different service packages and propositions to meet your individual needs.
Pension Drawdown 4 Bankers Final Salary Pension Transfer Service
Summary of our final salary advice process:
Following your initial enquiry, we will provide you with guidance to give you enough information about safeguarded benefits and flexible benefits to enable you to make a decision on whether to take advice to transfer your final salary pension. At this stage, it is factual information only and is not advice itself. There is no charge for providing this information.
This is a shortened form of advice and will be provided by a pension transfer specialist. It will involve gathering information from you by way of a fact find document. The good news is, we will be allowed to tell you if transferring your Defined Benefit pension is a bad idea and that we do not recommend it. And we can still do this for free.
There will one of two outcomes from abridged advice:
- Provide you with a personal recommendation not to transfer or convert your pension.
- Advise you that it is unclear whether you would benefit from a pension transfer or conversion based on the information collected through the abridged advice process.
Currently, we do not charge for providing abridged advice.
In the event of the latter ‘unclear’ outcome, to find out if a transfer is then likely to be in your best interests we need to proceed to the full advice process, where we can carry out a full analysis, but whatever the outcome, you will have to pay our full fee. Obviously, you can choose not to proceed to full advice, in which case no fee is paid.
Here we would establish full personal information, scheme information and objectives. Check ceding scheme details for any transfer penalties and/or special enhancements that could be lost on transfer. Advise on an appropriate solution based on this. We will do cashflows and take into account tax and investment considerations; include Transfer Value Comparator (TVC) and Appropriate Pension Transfer Analysis (APTA) comparisons.
At the end of this process we may still recommend that you DO NOT TRANSFER out of your DB scheme. Our initial fees for providing full advice are set out below, please note that these will apply in full regardless of the full advice outcome – whether it’s to transfer or not to transfer.
With our full advice service, we will provide you with a written suitability report detailing the reasons for our advice. It will specify your demands/objectives and needs and highlight what is important to you. It will also set out possible disadvantages of any course of action. Our aim is to produce a report that stands the test of time and tells a story in ‘plain English’ about how the recommendation endorses your retirement plans.
Fees and transfer criteria:
Triage and abridged advice – no fees
Full advice – 2% initial, minimum £2,500 applicable in full regardless of the full advice outcome – whether it’s to transfer or not to transfer.