2022-03-22 GDD
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Our customer proposition for ‘Pension Transfers’<br />
This service is suitable for customers who require advice on whether to transfer the value<br />
of pension benefits built up under an employer’s occupational pension scheme to another<br />
type of pension arrangement.<br />
This service is not suitable for customers who require a transfer to be undertaken<br />
irrespective of the risks and consequences, or who require limited advice.<br />
We operate a fully non-contingent charge for this service. This means that the charge<br />
remains the same whether we advise you to transfer your pension benefits or retain your<br />
existing pension entitlement.<br />
The purpose of the service is to advise you on whether your interests are best met by<br />
transferring or retaining your pension entitlement. Critical considerations will include the<br />
extent to which you are capable and comfortable in understanding the risks and<br />
consequences of what is a complex and potentially risky transaction.<br />
We will establish the value of benefits provided by the scheme and compare this against<br />
the amount of money that the scheme would be prepared to transfer to another pension<br />
arrangement in lieu of those benefits.<br />
We will consider the extent to which a transfer might affect the value of the benefits you<br />
would receive on retirement, as well as those that would be payable to your dependents in<br />
on your death.<br />
We will determine the overall level of income you may require in retirement and how this<br />
is likely to be split between essential domestic and non-essential lifestyle related<br />
expenditure. We then advise the earliest date at which retirement could reasonably be<br />
considered.<br />
Where a transfer is recommended, we will advise on how a portfolio of investments can be<br />
constructed to provide a potential for growth that is consistent with both the target<br />
retirement income, as well as your tolerance to investment risk. We will also consider the<br />
range of personal pension products that could be utilised to hold these investments, taking<br />
account of the cost and requirement for flexibility.<br />
Once our advice has been provided to you, we will meet with you and resolve any further<br />
queries you may have.<br />
Page 25 of 34 General Disclosure Document 23/3/<strong>20<strong>22</strong></strong>