Do you hold a BT Pension? – BT pension transfer advice
The BT pension scheme currently has one of the largest pension deficits throughout the world. More recently it was in the news for an accounting error underestimating the scheme by another £500 million. Furthermore back in March, BT announced their final salary scheme would end in the May 2018. If you hold a BT pension it is likely you have heard of some or all of the above.
What does it mean? – BT pension transfer advice
There are a number of factors to consider when trying to answer this question. BT is a major corporation and although it currently has a large pension deficit, no knee-jerk reaction is required. The first point of call is understanding your own position, what are your options, what your pension currently offers, what are your own specific future requirements and so on. Speaking to a regulated Independent Financial Adviser is a good start.
What can you do? BT pension transfer advice
- Transfer your pension into a non-resident Sipp or QROPS. Any defined benefits pension will come up against severe scrutiny before being allowed to transfer and rightfully so. The process is long and arduous but the first step should be to speak to an Independent Financial Adviser.
- If the transfer value is more than £30,000 and you wish to transfer you will need to take independent advice about transferring your benefits out from an adviser who is authorised by the Financial Conduct Authority. If you do not get advice the transfer cannot take place.
- With bond rates still incredibly low, Defined Benefits transfer values are a very attractive proposition right now with some values totalling 40 times that of the actual worth.
BT pension transfer advice
To find out more about your pension position and options. Contact Harrison Brook today to speak with an advisor to discuss your options. Harrison Brook is a cross-border pension transfer specialists. We can explain and assist in discovering the options available to you. Taking you through the process of gaining valuations up to placement into a suitable solution.