Final Salary Pension Schemes
This service has been developed to provide clients who have final salary pension scheme benefits with a thorough and fully independent review of their pension.
It is important to stress that this is not a pension transfer service. Our service is very different to that provided by many financial advisers. At Simple, we charge a one-off, upfront fee for reviewing clients’ pension benefits and providing a comprehensive report with our recommendation as to whether they should remain in the scheme or transfer to a new pension.
Many other firms have a fee structure that incentivises transfers away from the final salary scheme where the advisers only get paid if the client transfers their pension. At Simple, we feel that this type of service represents a potential conflict of interest, but also their unique retirement aims and objectives.
The Review Report
The report we provide will:
- Help clients understand their current pension benefits.
- Help clients assess the value of these benefits – based on their specific circumstances and the family’s needs.
- Help clients make a meaningful comparison between this and the value of an alternative private pension, should they transfer out of the final salary pension scheme.
We would describe our service as being very similar to that of having a survey on a house before you buy it. Would you purchase house without a survey?
If you would like to explore this service further, please download the Simple Defined Benefits Review Service document.