Final Salary Scheme | opal wealth management

PLAN FOR YOUR FUTURE, WHATEVER YOUR AGE

No matter how old you are, it is never too early to plan for your retirement Here at Opal Wealth Management. our friendly. knowledgeable learn of pension advisers can help save you time. money and hassle by helping you plan your retirement now. We feel that as retirement approaches, you deserve to be able to concentrate on planning how to spend your time rather than on saving your hard-earned assets.

PENSION ADVICE & RETIREMENT PLANNING

Once you retire, without an income built to support you for the rest of your life, those bills can mount up. leading to unnecessary stress and worry. With our industry knowledge and personal approach, we work with you to build a tailored financial plan, with the aim of giving you financial security in your retirement

FINAL SALARY

Many savvy savers are torn between valuable final salary pensions and investing their hard-earned cash in the financial markets, which, if not guided by those in the know, can lead to losing money.

Naturally, there is no one-size-fits-all solution. What may be the right route for one client is unlikely to be the same for the next. At Opal Wealth Management, we fully assess your individual circumstances, your needs and your preferences. Being aware of your current situation helps us to help you work towards more profitable outcomes in a way that is right for you.

A Pension is a Long term investment, the fund value may fluctuate and can go down.
Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax Legislation.

The Financial Conduct Authority does not regulate occupational pensions.

Contact us

Call us on 01902 712 6155 OR Send an enquiry today

Identifying the right route for your retirement

1) Guidance and support
There’s a wide range of pension products available, and understanding the differences between them is an important part of retirement planning.

2) Find your right option
We recommend you seek professional advice when considering your options for a final salary/defined benefit scheme.

3) A straightforward switch
If you are considering your pension options, we can help you understand the differences between pension types and direct you to a suitably authorised specialist where required.

Call us on 01902 712 615 Send an enquiry today

Focusing on your future

Unlike many other types of pension, a final salary / defined benefit scheme provides you with a pre-agreed, guaranteed sum of money for your retirement. This is an advantage if you’re looking for peace of mind, but it’s important to check that this is the right option for you.

We’re professional financial advisers based in Wolverhampton, and work with clients across the Midlands. Our adviser will outline alternative pension products available and, where defined benefit transfer advice is required, refer you to a suitably authorised specialist.

What is a final salary or defined benefit scheme?

A defined benefit scheme guarantees that you’ll receive a certain amount of income when you retire.

Over the years, both you and your employer make contributions to the pension, and you’ll also benefit from tax relief from the government.

It’s regarded as a solid option for retirement (although many final salary schemes have now been closed by employers). However, you may find that a private pension is a better choice, based on your specific circumstances.

Our advisers can discuss your retirement objectives and explain alternative pension arrangements. Where defined benefit transfer advice is required, we will refer you to an appropriately authorised adviser.

Securing a comfortable retirement

We’ll take the time to discuss your lifestyle, attitude to risk, and plans for the future – then recommend a variety of options tailored to your needs.

We do not provide advice on transferring defined benefit/final salary schemes but can refer you to a suitably authorised pension transfer specialist if required

Our team specialise in wealth management, and provide tailored advice to help you make the right financial decisions in life. We’re proud of our reputation in the industry, and are appointed representatives of Quilter Financial Limited which is authorised and regulated by the Financial Conduct Authority.

We always operate with honesty and integrity. If you’ve got questions about your investments, or want to check how your pension is performing, we can be easily reached by phone or email.

Call us on 01902 712 615 Send an enquiry today

FAQs

Can I transfer my DB pension to a personal pension?

Transferring a defined benefit pension requires advice from a suitably authorised pension transfer specialist. We do not provide this advice but can refer you to a specialist if required.

Can I boost my funds if I swap to a private pension?

Some private pension products (e.g., SIPPs) offer the chance to increase your pension pot. However, some are higher-risk than others.
That’s why we always assess your attitude to risk before making any recommendations. We’ll also explain each product carefully, and are on hand to answer any questions you might have.

What’s the difference between a final salary scheme and a career average scheme?

Final salary and career average schemes are both types of DB pension.

However, there’s one key difference. Final salary pensions are based on the final pensionable salary you are earning at the time you decide to retire. Career average schemes use an average of your salary across the duration of your career.

Is it easy to change my pension?

The process for transferring certain pensions, particularly defined benefit schemes, is complex and requires regulated specialist advice.

Explore your options

It’s important to prepare for your retirement. Our expert financial guidance ensures that you’re armed with the information you need to make the right decisions. Based in Wolverhampton, we’ve been helping people in the area achieve greater financial freedom for years.

Get in contact with our pension team today.

Tax treatment varies according to individual circumstances and is subject to change.
Transferring out of a Final Salary scheme/Defined Benefit Scheme is unlikely to be in the right interests of or be suitable for most people.

All You Need to Know About Final Salary Schemes