Defined Benefit (DB) pensions provide a valuable guaranteed retirement income and often have other special benefits. If you want to transfer a DB pension, you will lose access to any scheme benefits.
That’s why if you’re considering transferring your DB pension it’s important to get financial advice.
If the value of your DB pension is more than £30,000, you are required to get advice from a regulated financial adviser before you can transfer. This rule is from The Financial Conduct Authority (FCA) and the Pensions Regulator (TPR) and is there to protect you and make sure you’re aware of all the pros and cons of transferring.
Royal London require any transfer request of a DB pension scheme to have received advice from a regulated financial adviser regardless of the value of the pension.