Final Salary Defined Pension Management

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Final Salary Defined Pension Management

We are one of the few independent companies in the North West still offering bespoke and in-house Defined benefit pension transfer advice. Learn more about what this includes and if we can help you manage yours.

We offer independent DB pension transfer advice across the whole North West of England, including Lancaster, Manchester, Southport, Blackpool, Preston and more.

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Fundamentals of a Defined Benefit Pension Scheme

The foundation of a Defined Benefit (DB) Pension scheme lies in its ability to secure the long-term financial stability of its members. By providing a guaranteed income for life, the scheme eliminates uncertainties in retirement. The income received by members is based on a predetermined rate, typically calculated as a percentage of their salary multiplied by the number of years they have been scheme participants.

Contributions and the Normal Retirement Age

The financial contributions towards a DB pension scheme come primarily from employers, who deposit funds into a central reserve on behalf of their employees. In some cases, taxpayer funding may directly support the scheme without the need for employer contributions. Each scheme sets a 'normal retirement age' for its members; the pension benefits become payable from this age.

Additional Benefits and Advantages to Final Salary Pensions

In adherence to the specific rules of a DB pension scheme, members may be entitled to supplementary benefits. Among these benefits are regular increases in income, often termed cost-of-living adjustments, or inflation protection. Moreover, schemes may provide financial support to a member's dependents after their demise, offering security to loved ones. Currently, DB pension schemes are predominantly found in the public sector. However, some private-sector employers still offer these valuable pension plans.

Final Salary Pension Transfer Opportunities

DB pension schemes may present members with a Final Salary Pension Transfer option. In this scenario, the pension provider proposes a monetary exchange known as the 'Cash Equivalent Transfer Value' (CETV) in return for the member relinquishing their entitlement to a guaranteed pension income for life. Although this exchange does not involve cash, the CETV can be invested in a separate pension pot. Upon reaching 55, the member can draw income from this newly established fund.

Get Further Final Salary Pension Advice

Our company is one of the select independent firms in the North West region that continue to provide personally tailored and in-house advice on Defined Benefit pension transfers. We take pride in our independence, a feature that ensures unbiased counsel customised to align with each client's unique needs and financial circumstances.

By offering a bespoke service, we can intricately fashion advice tailored to every individual situation. We ensure all consultancy is accomplished in-house, underlining our commitment to maintaining the highest integrity and confidentiality regarding sensitive client information. Get in touch with us today to receive the advice you need.

Arrange Your Free Expert Consultation

An initial consultation is available and accessible to all new or potential clients, where we will discuss the services you may require from us. These services include the recommendation, implementation and, most importantly, ongoing review of the best financial/investment plan to suit your individual requirements.
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David Kneale Financial Management Ltd
1 Aalborg Place,
Lancaster, LA1 1BJ
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