Good With Your Money
Growing numbers of people are being offered very large cash sums in exchange for giving up all of their rights in their defined benefit company pension scheme (where the amount of pension you get is guaranteed and based on how long you worked for the firm and how much you earned).
The purpose of this guide is to provide some basic factual information about the advantages and disadvantages of making a transfer of this sort, so that you are better informed prior to seeking impartial and expert financial advice about your circumstances.
If you're looking to maximise your income in retirement, a good place to start is with your State Pension. If you're not getting the full amount or are not on track for it, then it's worth considering topping up. The cost of doing this is effectively subsidised by the Government which means it can be very good value for money.
The rules about who can top up, how much it costs and what impact it will have on your State Pension are complex and have changed recently with the introduction of the new State Pension system in April 2016.
The aim of this guide is to help you navigate these various rules and regulations and make a more informed choice about whether or not to top up your State Pension. There are charts to help you with this and links through to useful notes with further information. You can read the document online or print it off