Defined Benefit (DB) Pension Transfer Process
Clear, FCA regulated advice designed to help you make an informed decision. Transferring out of a DB scheme is complex and unlikely to be suitable for most people; our role is to test whether a transfer is in your best interests.
Information on this page is for education only and does not constitute personal advice. We provide regulated advice within the full process described below.
How our DB transfer process works
A structured, advice-led process that balances benefits, risks and personal objectives.
Triage Stage
All clients must first complete our educational triage process, including a short video, reading material, and a questionnaire. This helps you decide whether to move forward with regulated advice.
Initial Information Gathering
If you wish to proceed, we'll request a completed Fact-Find along with:
- Proof of ID and address
- Letter of Authority
- CETV or scheme statements
- State Pension Forecast
Adviser Consultation
You'll meet with a Pension Transfer Specialist to confirm your details, goals, and clarify any parts of the Fact-Find. We may need to speak more than once.
Personalised Charges Document
Once all data is gathered, we'll issue a personalised document outlining our fixed, non-contingent fee. No charges are incurred until you accept.
Research & Advice Report
We assess whether a transfer is in your best interests. Outcomes:
- We recommend a transfer if it clearly benefits you
- We advise you to remain in your scheme if not
Final Report & Follow-Up
You'll receive your full recommendation and supporting documents. Your adviser will be available to answer questions and help with next steps.
What You Should Know
The FCA believes that, for most people, staying in a DB scheme is the best option.
Transfers are irreversible — once you leave, you cannot return.
If your DB pension is worth more than £30,000, you must take regulated advice.
Defined Benefit Pension Transfer FAQs
*FAQs provide general information and do not constitute personal advice.
The Financial Conduct Authority (FCA) advises that most individuals are better off retaining safeguarded benefits. However, there are limited scenarios where transferring could align with a person's specific retirement needs. A full breakdown of their guidance is available on the FCA website.
We offer a non-advised, educational process to help clients understand the risks and implications of transferring safeguarded pensions. This includes a short video, guidance document, and a confirmation questionnaire to ensure clients grasp the core concepts before proceeding to advice.
This involves an in-depth analysis of your pension arrangements, financial circumstances, and retirement goals. We provide a comprehensive recommendation, either to transfer, stay in the scheme, or take an alternative course of action. Fees apply regardless of the recommendation.
Providing accurate timescales can be challenging, as we rely heavily on external pension providers for key information. Even straightforward requests may take 4-6 weeks to be fulfilled.
Once all the required documentation is received, we aim to deliver the full recommendation typically within two weeks, including our internal review process. Timelines may vary depending on workload, case complexity, or if additional data is needed late in the process.
No. Our recommendations are based on your entire financial position and objectives, not just the transfer value.
There is no cost for completing the initial triage stage. Fees only become payable once you have formally agreed to proceed with full regulated advice and accepted our proposed charges.
No, our advice fee is charged on a non-contingent, upfront basis. This means the fee is payable regardless of whether a transfer proceeds. The full amount must be settled prior to the release of our recommendation report.
Even if you have a clear idea of your financial goals, it's important that we take a thorough and professional approach, particularly when it involves a Safeguarded pension.
If the value of your pension exceeds £30,000 and you're considering transferring out of a Safeguarded scheme, it is a legal requirement to seek regulated financial advice.
To give you clear and personalised recommendations, we must understand your full financial position, objectives, and circumstances. This allows us to assess whether a transfer is genuinely in your best interest.
As a regulated firm, we are unable to act on instructions that contradict the advice we've given or that could lead to poor outcomes. Our priority is to ensure any decisions made are informed, suitable, and compliant with regulatory standards.
Ready to take the next step?
Our team of fully qualified Pension Transfer Specialists can provide you with independent, fully insured, detailed advice.