Final Salary Pension Advice

Tailored advice for getting the most from your final salary (defined benefit) pension. Book your free initial call
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Personalised Defined Benefit (Final Salary) Pension Advice

It’s really important that you get tailored advice before making any decisions about your final salary pension

Legislation in this area changes all the time, so we want you to have the latest advice so that you can make the right decision.

If you’re thinking about taking benefits from your Defined Benefit or Final Salary Pension scheme, please speak to us before you do anything.

We agree with the Financial Conduct Authority (FCA) when they say that it’s unlikely to be in most people’s best interest to transfer out of a Defined Benefit scheme. But everyone’s situation is different and we will give you a personal recommendation based on your individual circumstances.

Have a chat with us to make sure that you understand the full details of your benefits and guarantees, as well as their impact on your future. We’ll use our expertise to advise you on the right steps to take, remembering that you’re always in control.

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

Transferring out of a Final Salary scheme is unlikely to be in the best interests of most people. If you are considering transferring out of a final salary pension scheme and you have over £30,000 to transfer, then you are required by law to seek advice from a qualified defined benefit pension specialist.

Learn more about defined benefit (final salary) pensions and how they work on our blog.

Our Process


Discovery & goals

You’ll get together with a member of our friendly, expert team. We’ll get to know you and talk about your current situation and your future goals.

Research & model

We’ll explore all the options available to us and model the right plan for you, with a detailed, clear and illustrated forecast.

Recommend & implement

We’ll share our recommendations with you, showing why we think our advice is right for your goals and how it will achieve the retirement and lifestyle you want.

Defined Benefit (Final Salary) Pension Transfer Advice

Transferring from a defined benefit pension scheme to a defined contribution scheme can have significant financial implications and is non reversible. The implications include potential risks associated with investment performance, the possibility of higher costs and most importantly, the loss of guaranteed income for life.

For these reasons, it’s not only recommended but a legal requirement to get professional advice if you are considering transferring a defined benefit pension worth £30,000 or more.

Professional final salary pension advisors, like the team here at Almond Financial, are qualified to provide personalised defined benefit advice based on your unique circumstances, needs and risk tolerance. We can help you navigate the pros and cons of a final salary transfer and ensure you make an informed decision that aligns with your long-term financial goals.

Understanding the risks and potential benefits associated with transferring a defined benefit pension is key. Before making a decision, it’s essential to consider all aspects and potential future scenarios. Get in touch with Almond Financial today for more information.

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Final Salary (Defined Benefit) Pension FAQs

We’ve put together the answers to some frequently asked questions about final salary pensions below. If your question isn’t answered below or you’d like to speak to an expert for more information, our team will be happy to help.

What will happen to my final salary pension when I die?

This depends on your scheme, but typically after you die your spouse (or children in some cases) will continue to receive ongoing payments from your final salary pension. Often this is 50% of the amount that you were previously receiving, but again this can depend on the specifics of your final salary pension.

If you aren’t sure of the terms of your scheme, speak to your provider or a pension advisor who should be able to help.

What happens to my final salary pension if my employer goes out of business?

If your employer goes into administration, you should still continue to receive your final salary pension, up to certain limits. Your defined benefit pension scheme is separate to the assets of the company, so it can’t be used to pay off creditors. Additionally, most schemes are protected by the Payment Protection Fund (PPF), a government safety net which ensures that pensions will still be paid even if your employer can’t meet those payments.

If you’re worried about what might happen to your final salary pension following your employer going into administration, speak to a pension advisor about your circumstances.

Can I transfer out of a final salary pension without seeking advice?

If the value of your defined benefit pension transfer is worth £30,000 or more, no. It’s a legal requirement set by the Financial Conduct Authority (FCA) to seek professional advice before transferring. If it’s less than this amount, it is still strongly recommended to speak to a professional pension advisor with expertise in defined benefit pensions first.

Why is it so important to seek advice for final salary pensions?

It’s recommended to seek advice before making any big decisions regarding your pension, but this is true even more so in the case of final salary pensions. This is because defined benefit pension transfers are non reversible, and you risk losing out on the many benefits which include having a guaranteed income during retirement. Transferring out is only beneficial for certain people in unique circumstances, so if you aren’t sure, always seek advice from an expert.

When is it right to transfer out of a final salary pension?

In most cases, it isn’t, because of the security that final salary pensions offer. There are a few circumstances though where transferring out of a final salary scheme might be the right decision. When weighing this up with you, we will consider aspects such as:

  • How much do you currently have in investments and assets? This will help us to identify if you can afford to take on the risk of a defined benefit transfer.
  • What are your current financial needs? If you don’t need access to withdraw larger cash sums than your final salary income provides, it wouldn’t be worth the risks of transferring out.
  • What’s your appetite for risk? If you are risk averse then it would generally be wise to remain in your final salary pension scheme.
  • How long are you expected to live for? If you have a shorter life expectancy, you might be better off transferring, rather than receiving the set payments for just a small amount of years.
How long does the defined benefit pension transfer process take?

The duration of the process varies based on individual circumstances, including the time taken to gather all necessary information, the speed of response from your current pension provider and the complexity of your situation. Our advisors at Almond Financial will keep you informed throughout the process.

Customers at our heart

We treat your investments as if they’re our own

Friendly and efficient advice to help your investments thrive – it’s what we’re all about. The proof is in our customer feedback. It’s important to us that you understand your options as well as we do, so we cut out unnecessary complications and handle your case with integrity and care.

We’re proud to be highly rated on TrustPilot, Vouched For and Google.


“When dealing with something so important as Pension provision you need to get as much expert advice as possible. I interviewed six providers and Almond Finance were from, the outset, the clear leaders. From my first contact I felt they had the expertise and more importantly gave me the confidence to let them act on my behalf.” – Simon

Star Rating
Above and Beyond

“Sam Robinson and his team at Almond Financial Ltd have gone ‘above and beyond’. They have just completed a complex DB pension transfer for me against an incredibly tight time deadline with minimum fuss and maximum engagement. Sam ‘held our hand’ throughout the process with patient forbearance, keeping us informed at each step of the way and ensuring that we understood all that was involved – no small matter given the case’s complexity. Completing the task ahead of the deadline required unstinting effort and focus which were amply demonstrated, and for which I am enormously grateful.
Without hesitation I would recommend Sam and his team at Almond Financial Ltd.” – Nigel

Star Rating
Happy Customers

“We were recently looking for advice and help to access my husband’s final salary pension, a task which can be very daunting. We were very pleased to have found Almond Financial who were professional, diligent and friendly. Sam and his team guided us through each stage which was extremely helpful and put our minds at rest. We were provided with regular updates and everything was explained along the way. All the hard work paid off and we are now very pleased with the results.
We would recommend this company very highly.” – Jane

Star Rating
Financial Services

“The Almond Financial team have been fantastic. Sam and Emma were both extremely professional and friendly and explained everything in layman terms. I have recommended Almond Financial to family and friends.” – Yolanda

Star Rating
Defined Benefit Pension

“Sam really took the time to listen to my requirements and explained every part of the process clearly. He openly encouraged me to ask questions and ensured I fully understood the process before proceeding with my claim.

Sam and his whole team are approachable helpful and sincere, and I would definitely recommend them to any of my family or friends who needs this kind of specialist help.” – Gazala

Star Rating

Your Final Salary Pensions team

Sam Robinson

Samuel Robinson

Financial Advisor, Principalt.01522 581909
Joshua Davis

Joshua Davis

Junior Paraplanner

Annual reviews will keep you on track

Regular annual reviews are really important for keeping your personal financial plan on track, including looking at any changes in your circumstances.

Our industry-leading software produces an easy-to-follow timeline that takes you from today to beyond your retirement. This gives you an idea of what your long-term financial position is.
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