Do you accept final salary pension transfers?

We accept final salary pension transfers. To transfer a final salary pension scheme or a scheme that includes safeguarded benefits worth at least £30,000, a suitably qualified financial adviser must recommend that the transfer is in your interests.

Safeguarded benefits, where your level of pension income is guaranteed, include:

  1. Under an occupational pension scheme, a promised income whose amount depends on how long you've worked for your employer (for instance, under a final salary scheme or defined benefit scheme).
  2. A promised income (or guaranteed minimum level of income) whose amount depends on the contributions or premiums you’ve paid in (for instance, under some older personal pension policies).
  3. A promised minimum rate at which you’ll have the option to convert your accumulated pension pot to income at a future point, usually when you reach a particular age (this is generally known as a guaranteed annuity rate or guaranteed annuity option).

To confirm you’ve received their recommendation, you and your adviser will need to complete our financial advice declaration form.

As final salary or 'defined benefit' pensions pay a guaranteed income, you may want to seek financial advice first to check whether transferring it is right for you. To find a suitably qualified financial adviser, you can check websites such as: