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Can I cash in a Final Salary Pension?

You may have the option to transfer your Final Salary Pension into a more flexible Personal Pension. You can request a ‘cash equivalent transfer value’ from your Final Salary Pension provider, and if your transfer value is over £30,000 you must receive financial advice before transferring. These values can be very high, but it is important to find out whether the guaranteed income or a Personal Pension would be more suitable for you.

However, if you transfer out of a Final Salary Pension then you lose a guaranteed income for life; instead, you’ll receive a lump sum which could be placed into a Personal Pension. Our team of expert Pension Transfer Specialists are all qualified to provide advice on Defined Benefit or Final Salary Pension schemes. If you choose to transfer your pension, we’ll then take care of everything for you – including contacting your pension trustees and processing the transfer.

With investing your capital is at risk. Investments can fluctuate in value, and you may get back less than you invest. Pension eligibility applies.

If you need more information or have any further question, and you are not already a client with True Potential, you can speak to our friendly team on 0191 625 0350 available 7am-8pm weekdays.