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Final Salary Pension

Final Salary Pension Transfers

Since April 2015 any member looking to transfer their final salary (defined benefit) pension benefits to a money purchase (defined contribution) scheme will need to receive formal FCA regulated advice before their scheme can affect the pension transfer. 

On a straight monetary value basis it is unlikely that final salary benefits will be fully replicated in a new money purchase scheme. However, with new ‘pension freedoms’ being introduced, other benefits might be of materially greater importance to an individual or family. For example someone looking for the flexibility and control to take a higher income between retiring and receiving another pension income; or someone who is attracted by the flexible death benefits now available to their family within the money purchase arena. 

Everyone’s retirement will be different and it’s critically important that before we deliver our advice we must understand more about an individual and their circumstances, priorities and objectives. As such, advice is essential to ensure people are aware of the implications and risks of transfer and are in the best position to make an informed choice. 

MRIB provides a final salary pension transfer service focussed on delivering fiduciary advice within a flat-fee advice model. Please contact us for more information.


A pension is a long term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.

The value of investments and income from them may go down. You may not get back the original amount invested.