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Defined Benefit Pension Review
The defined benefit pension used to be considered the Rolls Royce of pensions however in the last ten years, many have been wound up or had benefits reduced. Even if your scheme is in good shape, there are a number of reasons why you might consider taking a transfer value out of a defined benefit pension;
- you may want to retire early – if your scheme doesn’t facilitate early retirement you may need to transfer out of it to access your pension
- you may want to preserve the value of your pension in the event of your death by taking a transfer value to a defined contribution type arrangement
- you may be seeking to take a higher retirement lump sum than you would get from the defined benefit scheme
If you have a defined benefit pension it may be worth your while considering all your options.
There are a number of important issues to be considered when making the decision whether to stay in, or leave a defined benefit pension. You may find this blog post useful.
We have extensive experience in advising on defined benefit pension schemes and can explain all the issues to you and help you to compare the income promised by your existing defined benefit entitlement, with what we project may be available from the investment of your transfer value.
Read some of our recent articles in publications such as The Sunday Times and Business Post by clicking on this image.
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The material and information contained on this website is for general information purposes only. Neither the writer nor Highfield Financial Planning Ltd makes any warranty as to the completeness, accuracy or reliability of the information or the suitability or availability of products or services, referred to on the website, for any purpose. You should not rely on any information contained on this website as a basis for making any financial, legal, taxation or other decision. The information presented does not include all the considerations which are relevant to the topic discussed as to do so would render it un-readable. When considering any financial issue you should seek the advice of a suitably qualified adviser.
Best Pension Advice is a trading name of Highfield Financial Planning, the most client focused financial services company in Ireland. We provide superior advice on Retirement Planning for all types of pension available in the Irish market. As Specialist Investment Advisers we can also help you to manage the investment of your pension to achieve your income objectives in retirement.