All You Need to Know About Final Salary Schemes

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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.


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


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.

Identifying the right route for your retirement

1) Guidance and support
There’s a wide range of pension products out there. We’re here to provide you with the information you need to make the right decision.

2) Find your right option
We recommend you seek professional advice as the right option for your final salary scheme – whether to stay, transfer to a personal pension or buy an annuity. We’re here to provide honest financial advice.

3) A straightforward switch
If transferring your defined benefit pension is the right choice for you, we’ll guide you through the entire process.

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 advisor will outline the other pension products available, to ensure you make the right choice for the future.

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 advisors are available to discuss your requirements, and to present you with a range of suitable pension products. You’ll then have all the information you need to make an informed decision about whether to transfer to a new pension scheme or not.

Securing a comfortable retirement

Our focus is on providing you with useful pension advice. 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.

Retaining the guaranteed benefits of a defined benefit scheme may well be the right pension for you. If this is the case, we’ll let you know. If there are advantages to transferring to a private pension plan, we’ll run through the investment products, ensuring that you have all the information you require.

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 of Quilter Wealth Limited and Quilter Mortgage Planning Limited, as well as 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.


Can I transfer my DB pension to a personal pension?

You can switch your pension, but you should check that this is the most beneficial option. Talk to one of our advisors to find out more.

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?

It’s relatively straightforward to transfer your existing pension scheme to a private pension plan. We’re here to assist throughout the process.

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.

Contact our pensions adviser for further information and advice on pension and retirement planning

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