In today's video, we'll discuss what a Defined Benefit Pension Plan is, what transfer advice you need, who a Pension Transfer Specialist is, and how they can help you with your Defined Benefit Pension Transfer.
Defined Benefit Pension Plans are an older type of UK scheme that was typically provided to employees who stayed with the same employer for a prolonged period of time. However, these schemes are now too expensive for employers to maintain.
A Defined Benefit Pension Plan means that at the end of your employment with that company, your final salary will be based on your final salary when you left the scheme, how many years you were in that position, and the accrual rate. Additionally, several other calculations go into determining your retirement income or the cash equivalent transfer value.
It's important to note that a Defined Benefit Pension Plan is very different from a Defined Contribution Scheme, which is based on the contributions you and your employer make, plus growth minus charges, and the value of that pension will fluctuate over time. A Defined Benefit Pension Plan is a guaranteed income for life that will typically be revalued and indexed, increasing over the course of your retirement.
In short, Defined Benefit Pension Plans are far more valuable to individuals than Defined Contribution Plans, but it doesn't mean the money in a Defined Contribution Plan is not valuable. So, if you want to know more about Defined Benefit Pension Plans and how to transfer them, watch this video and book your free consultation today through the link below!
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Video Timestamp:
00:00 – Intro
00:46 – What Is a Defined Benefit Pension?
01:13 – How Are Defined Benefit Pension Calculated?
02:06 – Defined Benefit vs Defined Contribution
03:04 – How Defined Benefit Is Safeguarded
03:29 – Possible Reasons To Transfer out Your Defined Benefit
04:52 – The Current Pension Transfer Landscape
05:58 – What Is a Pension Transfer Specialist?
07:18 – Important Questions To Ask to Your IFA
08:18 – Important Things To Consider About Defined Benefit Pension Transfer
09:02 – Outro
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References and Helpful Links:
Learn more about Final Salary Pension Transfer:
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Learn more about the FCA regulations on Defined Benefit Pension Transfer:
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Key Points In This Video:
✅ What Is a Defined Benefit Pension Plan?
✅ What Transfer Advice Suitable for You?
✅ Who Is a Pension Transfer Specialist?
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