The Strathclyde pension fund is a Scottish defined benefits retirement scheme, for which many Scottish-based employers are signed up for, including many local councils and many other public institutions.
Depending on when scheme members joined the Strathclyde pension fund, some may be entitled to rare and extremely valuable ‘Final Salary’ pensions, which promise a guaranteed income in retirement based on the salary they finish their career on.
Not just valuable, but pretty rare these days! Many final salary pension schemes are now closed to new members because they promise so much to scheme members.
While private pensions are often not guaranteed and expose the retirement fund to a comparatively large amount of risk, final salary schemes are guaranteed to pay out right through retirement. Index linked, they also come with many benefits such as death-in-service benefits that may pay out to a spouse if the scheme members dies before drawing on it.
Transferring a final salary pension away from a scheme like the Strathclyde pension fund is rarely considered to be a good idea if the financial adviser is following the rules, set out by the FCA, which say that there are only certain circumstances where such a move would be suitable.
If you were persuaded by a financial adviser that a final salary pension transfer was the right decision for you, then you may have been mis-sold.
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Moving a final salary or other defined benefit pension is rarely advisable, except in certain situations.
While moving your pension may earn your adviser big fees and commissions, you may lose more than you hoped: