What will your final salary scheme provide?
Whether you are looking to take retirement benefits from your current employer's scheme, previous employers’ scheme(s) or a combination of the two you will be provided with a retirement options statement.
You will have the choice to take an annual pension or forgo some of the annual pension for a tax-free lump sum and a reduced annual pension. This pension will usually have guaranteed increases in payment and will usually include provision for a spouse’s and/or dependant's pension in the event of your death.
How can we help?
At Bartholomew Hawkins we have the expertise to analyse your Final Salary Pension Scheme options at retirement.
There is a common misconception that you have to take your pension from the Final Salary Scheme. This is not the case as you are able to obtain a transfer value from the Final Salary Scheme and take retirement benefits under a personal arrangement outside of the scheme.
On your written authority we approach the administrators of your pension scheme to obtain a Transfer Value quotation and confirmation of pension figures available under your existing Final Salary Scheme.
We then carry out a detailed analysis and will discuss all the retirement options available to you, as well as the potential risks of any course of action, before agreeing a proposal to best suit your individual needs.
Does your final salary pension need to be reviewed?
In many cases you are likely to be worse off if you purchase your pension outside a final salary pension scheme. However some individuals find that taking a retirement option outside of the scheme is more suitable for their individual situation.
If any of the following apply to you, please contact us to arrange a review of your retirement options:
- You want flexibility and control over how and when your pension benefits are paid
- You want to increase your retirement income
- You are single, divorced or cohabiting
- You want to increase your tax free lump sum
- You are in poor health with a reduced life expectancy
Not ready to retire but interested to know what’s in your final salary scheme?
There are many options available to you that you may not be aware of. See our final salary pension scheme options page for more information.
