Simon Major decided to take the cash from his scheme The millions of people who save into final salary pension schemes have always faced the temptation of transferring their savings to an alternative pension.
While final salary or “defined benefit” pensions pay a guaranteed income for life, they are not as flexible as the alternative “defined contribution” plans.
Under the latter, you can take multiple lump sums and pass any unused savings down the generations free of inheritance tax. In a final salary scheme income is typically not paid after the death of the member’s spouse.Transferring from a final salary to […]
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