Final salary transfers are a complex subject and should not be carried out without seeking independent professional advice. Although it may be tempting to cash in your final salary pension for a lucrative sum of money, you will be giving up a guaranteed income so you should not make the decision lightly.

If you have a final salary pension and are unsure about the best course of action, contact Rockwood Financial Solutions today.

At Rockwood, we provide completely independent advice based entirely on your individual circumstances. Everybody’s financial situation is unique and what is right for one person may not be right for you. We can help you make an informed decision about your pensions depending on your needs and your attitude to risk.

Once you have transferred a final salary pension you cannot transfer back so you should be completely confident that it is the right decision. A final salary pension offers you a guaranteed income until your death. Other pension schemes offer more flexible access but you may end up running out of money in later life.

Many companies offer enormous payouts for you to transfer a final salary pension to a plan that is linked to stocks and shares. The value of stocks and shares can rise or fall and your pension value will rise or fall too. Whilst your pension could increase in value it could also decrease and you may end up without sufficient protection in retirement.

There are many other factors to consider before making your decision. Your health, your age, the number of pensions you have, your debts and any dependent children you have could all determine which solutions are best for you.

If you want accurate, independent and professional advice then speak to Rockwood today. We can advise on everything related to pensions including consolidating pensions, pension drawdown providers and final salary transfers.