Defined Benefit Pension Transfer: Biggest Financial Decision Of Your Life?

Why is transferring your Defined Benefit (DB) pension scheme one of the biggest financial decisions of your life? Because it means you're giving up a guaranteed, inflation-indexed income in retirement. DB pensions promise stability and fixed income for your life. This is usually calculated based on your salary and years of service. It gives you a guaranteed lifetime income that typically increases each year to protect you against inflation.

There are numerous important factors you need to consider before making any decision. It requires a detailed analysis of your circumstances, financial needs, and the trade-offs between guaranteed income and potential investment returns. Consulting with a financial adviser and thoroughly evaluating the risks and benefits is essential to making an informed choice.

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Key Points of the Video:
— Safeguarded Benefits: Understand that transferring out means giving up a guaranteed, inflation-indexed income in retirement.
— Formulated Plan: Ensure you have a well-thought-out plan and clear reasons for wanting to transfer, beyond just reaching a certain age or wanting access to the funds.
— Trustworthy Financial adviser: Finding a reliable and trustworthy financial adviser is crucial. They should have your best interests at heart and provide unbiased advice.
— Understand Performance: Your investment risk level should match your financial goals. Conservative investors should think twice before giving up guaranteed benefits.
— Cost Management: Be aware of the costs associated with pension transfers. High fees can significantly impact your investment returns.

Reference:
https://www.moneyhelper.org.uk/en/pen...
https://www.fca.org.uk/consumers/pens...
https://www.ftadviser.com/fca/2021/01...

Video Timestamps:
0:00 Introduction
0:29 Risk Of Transferring DB Pension
1:00 Why You Need To Transfer Your DB Pension?
2:56 Have A Formulated Plan As DB Transfer Rationale
4:00 Find A Reliable And Trustworthy Financial Adviser
5:43 Understand Performance & Investment Strategy
8:37 Understand The Cost Of Transferring DB Pension
10:58 Outro & Summary

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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