Do I need a Financial Adviser to transfer my funds?

We would always recommend that you seek professional financial advice from a suitably qualified adviser particularly when transferring a pension. This is to ensure that you are making the right decision with your money.

However, if you are transferring a ‘defined contribution’ pension (i.e. a SIPP or personal pension plan), it is not a compulsory requirement to do so via a Financial Adviser. If you feel comfortable then you can complete the process yourself.

If you are transferring a ‘defined benefit’ pension (I.e. final salary scheme), it is a compulsory requirement to involve a financial adviser, if the value is above £30,000. This is due to the guarantees that come with these types of pensions. Your existing scheme provider would need you to obtain a Transfer Value Analysis (TVAS) Report from an FCA Qualified adviser before they would allow funds to be transferred out of the scheme.

We are NOT authorised to provide you with personal financial advice. We can only provide you with general advice regarding our product and the options available to you.