Review of Reeves outsourced Defined Benefit Service
For Reeves to provide holistic retirement planning, we have sourced a new third party pension transfer specialist to provide advice on Defined Benefit Pension Schemes.
Reeves' clients are often faced with the complex decision of how to make the most of pension benefits held in Final Salary or Defined Benefit Schemes. There are various options about how to take these benefits, including the possibility of transferring these funds to make more flexible arrangements opposed to retaining guaranteed income provided throughout retirement.
Due to Financial Conduct Authority (FCA) permissions Reeves are unable to provide specific advice regarding these schemes, and therefore assist clients in exploring their options through referring to selected specialist bureaus. The bureaus have been selected based on their value and service levels.
The Financial Conduct Authority (FCA) state: 'Defined Benefit (DB) pensions, and other safeguarded benefits providing guaranteed pension income, give valuable benefits so most consumers will be best advised to keep them'.
However, for some clients a transfer might help them achieve their retirement goals. Retirement goals can be explored on a general basis with Reeves before more detailed analysis by the specialist bureaus.
The process of transferring a Defined Benefit Pension Scheme is long and complex with many factors being considered, reflecting on the importance of the decision.
Beyond the referral of the case to the third parties, Reeves have no influence on the decision or recommendation made by the specialist.
It is important that no actions should be taken without first taking advice. Personal circumstances and an individual’s appetite for risk means that the advice for one person may not be the same for everyone. Reeves- The Pension specialists is a trading style of Reeves Independent Financial Advisers, which is authorised and regulated by the Financial Conduct Authority under reference 400918. The information provided on this website does not constitute a personal recommendation for any product or service. Pensions are a long-term commitment. You may not be able to access your pension funds until the age of 55. Reeves do not advise on Defined Benefit pension schemes. Reeves do introduce a third party specialists in areas of work we do not cover.