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WHAT IS MOST IMPORTANT IS THE CLIENT ’ S CIRCUMSTANCES AND OBJECTIVES AND HOW BEST THEY CAN BE MET . WHILST TRANSFER VALUES DID NOT FORM THE REASON FOR TRANSFERRING WHEN THEY WERE HIGH , THEY GENERALLY WILL NOT BE THE REASON FOR NOT REVIEWING A CASE NOW THEY HAVE REDUCED .
• There are also clients who wish to explore the option of taking a level pension rather than an increasing one to provide a higher income in the earlier years when they are more likely to be fit and well .
• Some clients are not in good health or smoke and can benefit from enhanced annuity rates .
• We also see cases where scheme commutation factors are relatively poor and an annuity alongside a larger PCLS may meet a lump sum need .
• There is also increasing interest from clients who have dependency on the scheme pension , but all of the income from the scheme is not required to meet their outgoings . Some schemes now offer numerous options on how benefits can be taken . They may offer ' split ' transfers ( i . e . a secure pension from the scheme and a partial transfer into another type of pension ). Where this is not available , there may be a suitable solution available through a mix of annuity and personal pension .
It ’ s definitely not over for DB transfers We started out by looking at the fall in transfer values , but as we have seen , in all the FCAs guidance about who a transfer may be suitable for , there is no mention or importance pinned to CETV . What is most important is the client ’ s circumstances and objectives and how best they can be met . Whilst transfer values did not form the reason for transferring when they were high , they generally will not be the reason for not reviewing a case now they have reduced . Guarantees can be remodelled , and income can be improved . And we do not believe it is all over for DB transfers as any client with a defined benefit scheme who wishes to consider all their options at least deserves the opportunity to review what can be achieved .
Pensionhelp is part of of SimplyBiz ’ s Pension Transfer Bureau , which also includes RSS , HUB Pension Consulting , Origen , Pension Works , P & B Wealth , Aviva Financial Advice , Grove Pension Solutions , Pension Income Planning , Pensionhelp , PX Pension Exchange , and Hoxton Capital Management .
The bureau offers an outsourcing solution to advisers who are either unable to , or choose not to , operate in the defined benefits transfer market , but still want to meet the needs of their clients in this area . Find out more in the ‘ Pensions ’ area of our website .
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