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Defined Benefit Pension Review

I have a Defined Benefit pension entitlement and I want to review my options


Defined Benefit Transfers

A Defined Benefit pension (also known as a final salary pension) is one which promises a pre-defined level of benefit in retirement (such as 50% of final salary), proportional to your length of service, payable until death. The benefit is defined and contributions to the pension (normally made primarily by the employer) are not defined.

The Defined Benefit pension used to be considered the Rolls Royce of pensions however in recent years many Defined Benefit schemes have become insolvent. Some schemes have been wound up and some have reduced benefits. As such, for some people these schemes have only created the illusion of security in retirement.


If you’ve been offered an enhanced transfer value you should seek advice immediately and ensure that you meet any deadlines specified.

Taking a transfer value will give you greater flexibility regarding how you can take your benefits and it will mean that your capital is preserved for your dependents in the event of your death. We can advise you on your decision to stay in or take a transfer value from your scheme by showing you;

  • what benefits your scheme will provide in retirement and what retirement options you will have if you take a transfer value from the scheme
  • the adequacy of your transfer value and the return you would need to achieve from investing it in order to match the pension promised by the scheme
  • the pros and cons of taking a transfer value

Contact us today on 01 546 1100, by email to or book a no-obligation Zoom call with us here.

For more information on the pros and cons of staying in or leaving a Defined Benefit Scheme please read this blog post.



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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.
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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.

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