Episode 28 – DB or Not DB That is the Question
This podcast is all about the “fascinating” subject of transfers from Defined Benefit (aka Final Salary) Pension Schemes. Perhaps not usually the most riveting of subjects, however, in all seriousness it’s a hot topic at the moment with plenty of pitfalls and a big issue for those with this type of pension. Even if you don’t have one of these pensions we recommend you listen to hear about what good practice should look like when it comes to financial advice. Join Chris, David and Producer Tommo as they go through the pros, cons and things to look out for with transfers from DB Schemes.
As ever we have a wellbeing word form around the world and some money saving tips from Tight Ass Tommo. If you have any tips for future episodes, do let us know. We welcome any comments about the podcast and can be reached on Twitter – @FinWellbeing
This podcast is not advice, people should seek personalised, individual financial advice from a pensions specialist before transferring a pension.
0:15 – Introductions
2:00 – What will be discussed this podcast, stick with us it is more interesting than you think!
3:00 – What is a Defined Benefit Transfer?
4:15 – Wellbeing words from around the world
Scotland – Tartle
6:30 – Tight Ass Tommo
From using the Facebook market place to buy and sell, taking trips to France for cheap booze to keeping 2017 diaries for 2028
#tipoftheweek – save money with a lack of pumpkins
9:30 – Defined Benefit Transfers
10:00 – This podcast is not advice, people should seek personalised, individual financial advice from a pensions specialist before transferring a pension
10:30 – Producer Tommo explains the two pensions involved – Defined Benefit and Personal Pensions
13:45 – It may seem simple, but it isn’t
14:10 – Is this something that has been set up to benefit the financial services industry rather than the consumer?
16:30 – Pension Freedoms
17:55 – What is the point of transferring your pension?
18:20 – Episode 25: Greg Davis
18:40 – See the right financial adviser to help you
19:40 – An impartial adviser can help against making emotional money decisions
20:00 – When is it a good idea to transfer out of a defined benefit scheme?
24:00 – Do it for the right reasons and with good advice, after all you cannot transfer back in
25:00 – Things to look out for
25.50 – What is the process if you are tempted by the high transfer value from your defined benefit pension?