Final Salary Transfer - Getting closer
I have until the end of the month to finalise the transfer of my final salary (or Defined Benefits) pension. It was valued at just over £900k This is a life-changing amount of money.
My IFA is working hard on my behalf to get all the paperwork in line before the deadline.
A hurdle was overcome earlier in the week when he officially gave me his recommendation to transfer based on future cashflows and future potential wealth accumulation. He had to get his firm's "peer review" of his advice. All IFAs are scared of defined benefits transfers.
My mind has been racing ahead assuming that I get control of the money. I have been reading articles about transfer values reducing as interest rates start to creep up. Other articles have been speculating that restrictions will be placed on the type of transfer I want to make. The governments annual budget announcement is in a couple of days time and I am praying nothing is announced that will scupper my plans.
My IFA is working hard on my behalf to get all the paperwork in line before the deadline.
A hurdle was overcome earlier in the week when he officially gave me his recommendation to transfer based on future cashflows and future potential wealth accumulation. He had to get his firm's "peer review" of his advice. All IFAs are scared of defined benefits transfers.
My mind has been racing ahead assuming that I get control of the money. I have been reading articles about transfer values reducing as interest rates start to creep up. Other articles have been speculating that restrictions will be placed on the type of transfer I want to make. The governments annual budget announcement is in a couple of days time and I am praying nothing is announced that will scupper my plans.
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