Pension Scheme Benefit

A client was looking at their defined benefit pension scheme, as they did not know whether to take the scheme or as they didn’t not rely on this income in retirement, whether to look at inheritance tax planning and passing the pension through to his children.

We obtained a transfer value from the scheme. This was before Brexit.  After Brexit gilts rates dropped so we requested a further transfer value to find it was 25% more than the original value 4 months before.  This along with the clients circumstances led us to advise the client to transfer out of the scheme, with a much fairer value.