Retirees required to seek financial advice in order to access their pension savings face delays because many advisers aren’t qualified to approve the transfers.
Although the pension 'freedom' reforms in April offered over 55s the chance to get their hands on their pension cash, the reality is that it isn’t that easy for those who have ‘safeguarded benefits’.
If you are encountering difficulties please get in touch and we will be able to help.
Top of the list of ‘safeguarded’ pensions are defined benefit (DB) pensions, also known as final salary schemes, which are considered the Rolls Royce of schemes. In order to take advantage of freedom, DB savers must transfer to a defined contribution (DC) scheme but if a member has built up contributions of more than £30,000 then they will have to get an adviser to confirm it is a good idea to transfer.