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Final Salary Scheme

This is the type of scheme you may have joined if you work for a large company or are employed within the public sector.  It a salary-related pension which pays out a secure income for life and increases each year. The pension that you receive is based upon how long you have been a part of the scheme and how much you earn. You might have a final salary type scheme where your pension is based on your pay when you retire or leave the scheme.

Most defined benefit pension schemes have a normal retirement age of 65. If your scheme allows, you might be able to take your pension earlier but this will reduce the pension you get quite considerably. There may also be an option to defer taking your pension and this might mean you receive a higher income when you do take it.

Upon retirement you have an opportunity to take 25% of the value of your pension benefits as tax free cash. Reducing the amount of tax-free cash you take might increase the amount of income you receive. It is possible to transfer your defined benefit pension to a defined contribution pension which would then allow you to access your pension more flexibly. However, we strongly recommend that you discuss this with one of our advisers, as you might be giving up valuable benefits.

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41 North View,

Westbury Park,

Bristol BS6 7PY

0117 907 1965