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Final Salary Occupational Pensions
About 8.5 million people have a final salary pension scheme. But if you pay into one each month, where is your money going, and more importantly is your future wealth safeguarded?
Final salary schemes, also known as defined benefit schemes, can be very generous. They pay staff a set percentage of their final salary depending on their length of service. But there is a general concern about pensions in general and reports have highlighted concerns over the funding of final salary schemes, with a number of FTSE 100 companies now thought to be facing a cash shortfall.
So if you do have a final salary scheme, the following are some of the questions and issues which may arise:
- What to do with benefits if you leave employment
- How secure is the current scheme
- What options are available if the scheme is closed
- Should I be taking the inducement offered by my employer to transfer to another arrangement
- What are my early retirement options
- What are the death benefits within the scheme
- What happens to benefits on divorce
- Can I transfer my pension overseas if I emigrate
We are authorised to provide you with specialist independent advice. We will provide you with full details about your options in each instance so an informed decision can be made about the best course of action in your circumstances.
The guidance and/or advice contained in this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.