Defined Benefit Pension Transfer Specialists

Defined benefit transfers are becoming increasingly popular as employers attempt to attract and retain top talent through affordable retirement benefits. Larger companies are increasingly turning to Defined benefit transfer specialists to help navigate the complex and often intimidating pensions landscape and to help with the complexities of transferring an existing pension to a defined contribution plan.

What is a Defined Benefit Pension?

A defined benefit pension is where you get paid a certain amount of money from your pension the moment you retire. The money is decided by you and what you have earned during your working life. Defined contribution schemes are where you pay money into a pension each month, and the amount you get is based on your investment returns.

What is a Defined Benefit Pension Transfer Specialist?

A Defined Benefit Pension Transfer Specialist (PTS) is an expert at negotiating pension transfer agreements on behalf of their clients. Private defined benefit pension plans, although less common, provide guaranteed income for retirees. A Defined Benefit Pension Transfer Specialist helps the former employee explore options for transferring their defined benefit pension plans into a Defined Contribution Retirement Plan and whether this is appropriate for their circumstances.

How Defined Benefit Pension Transfer Specialists Help You with Your Pension Transfer?

• A pension transfer specialist will help you with your pension transfer.
• Consults with clients to understand their pension needs and objectives
• Pension transfer specialists work on behalf of clients who are looking to receive a transfer from a workplace pension scheme. These funds can be transferred into another pension scheme such as a personal pension or a workplace pension scheme (WPS) in order to change investment returns or provide alternative death benefits.
• Pension transfer specialists have many different roles within their profession, but they have one thing in common: they focus on ensuring that clients receive the best possible deal.
• Pension transfer specialists contact pension providers on behalf of their clients, evaluate clients’ circumstances, and then put forward suggestions that best suit their needs.
• Manages all aspects of service including transaction management, market intelligence, client servicing, and contact management.
• Maintains existing client relationships.
• Coordinates and facilitates various solutions.
• A specialist will Compare the Pension Options for You.

Key Advantages

Are you into the right pension scheme? Would you like to change your pension to a new provider? Or want to know about the potential benefits of pension options. Talk to defined pension transfer specialists where you can have an option of minimising taxes and being more aware of any charges that are payable. You will ensure you have the best pension schemes with the best terms that can help the entire process scheme turn out smoothly.

At Future Planning, we can help put you in touch with PTS’s who can give advice and you thereafter will have a good start to discuss your pension transfer options.

Defined Benefits Transfer Specialists are called PTS’s. The specialist’s approach involves allowing deferred Defined Benefit holders to transfer their pension funds to an alternative provider if this is the correct advice. They will then advise on the options available to you, such as whether to plan for a secured annuity, an unsecured annuity, a life annuity, or a combination of both. Alternatively, you may not need to access your pension. Should you wish to, you can access your pension flexibly via options such as Flexi-Access Drawdown (FAD) or Uncrystallised Funds Pension Lump Sum (UFPLS) if you are prepared to take more risk. Through your PTS, the specialist will also help to explain the different options and the advantages and disadvantages of each. You should be aware that they may decide to not transfer your pension, however, your advice fee will still be due to them.

Summary

In summary, defined benefit pension transfer specialists are able to offer a range of products that make the most of a defined contribution pension. Clients can benefit from a whole variety of choices, tailored to meet their specific aims. A specialist can also provide expert advice and impartial guidance.

Talk to us today for free to get valuable tips and we can put you in touch with a relevant PTS who can assist if you feel you wish to take things further.