Who is it for?
Deferred members of final salary pension schemes who are considering transferring their pension.
About
Money Alive’s Final Salary box set is an engaging, comprehensive, impartial and consistent way to educate clients about the things they need to know and think about if they are considering transferring a deferred final salary pension.
Given the FCA’s concern about suitability and potential for adviser bias in final salary transfers, being able to provide evidence of client engagement generic unbiased information is paramount.
The box set examines topics including risk, tax, dependents, flexibility and death, as well as the different options people have at retirement. The information is generic and does not take the individual's circumstances or scheme specifics into account and is widely used by pension transfer specialists to help them meet the FCA’s triage requirements. It is also used by pension schemes for member education.
The Final Salary box set is written and updated by experts, a legal specialist and PI professionals.
Will it fit into my DB triage process?
The video box set and detailed engagement reporting can be used to supplement your existing DB triage process, providing a simple all-in-one reporting and video engagement solution. The summary video from this box set is used by the PFS as part of its Gold Standard process and, in combination with our video engagement platform, using the full box set allows users to fulfil several principles of the Gold Standard.
More information on the box set:
1. Disclaimer - 1 min
Important notice on inheritance tax changes.
2. Stay or Transfer? - 3 mins
The options available to members of final salary schemes who have preserved pensions and wish to review their benefits.
3. Guide to staying in the scheme - 4 mins
How your final salary scheme works, the pension benefits it will provide you and their advantages and disadvantages.
4. Is my preserved pension frozen? - 5 mins
What happens to your pension whilst you are a deferred member of the final salary pension scheme.
5. What happens when I retire? - 4 mins
The options available to you when you retire and how the guaranteed pension income you receive will increase.
6. How will my pension be taxed? - 2 mins
How your final salary pension will be assessed for tax on the day you retire and in retirement.
7. What will happen on my death? - 3 mins
Find out what benefits would be offered to your family on your death.
8. Are there any risks? - 3 mins
What would happen if both your final salary pension scheme and the employer were in severe financial difficulty.
9. Case study - staying in - 5 mins
An example of someone who might benefit from staying in their final salary scheme and keeping their benefits.
10. Transferring to a private pension - 4 mins
A summary of what would happen if you decided to transfer to a private pension pot and their advantages and disadvantages.
11. Do I need advice? - 5 mins
Why you will need to take professional advice if you wish to formally review your preserved pension and who can help.
12. Is a transfer financially viable? - 5 mins
Find out what is meant by ‘Critical Yield’ and ‘Transfer Value Comparator’ and why they are important in a review of your pension.
13. What would happen when I retire? - 4 mins
Find out more about the options available to you when you decide to take your benefits from a private pension pot.
14. What are the risks if I transfer? - 4 mins
The risks you will expose yourself to when transferring your preserved pension to a private pension pot.
15. How do I avoid scams? - 3 mins
How scams pose a serious threat to your pension savings and the steps you can take to protect yourself.
16. How would my pension be taxed? - 2 mins
How your new pension benefits would be assessed for tax whenever you decide to take them.
17. What happens on my death? - 3 mins
What happens to a private pension pot, the options available to your beneficiaries and how these benefits are taxed.
18. Case study - transferring out - 6 mins
An example of someone who might benefit from transferring their final salary pension to a private pension pot.
