Public sector scheme review
Bartholomew Hawkins looks after many clients who work or have worked in the public sector.
Public Sector Scheme Review
This can be defined as any part of the economy concerned with providing various public services. If you have accrued pension benefits whilst working in this sector or are still working in this sector and planning to retire then we may be able to help.
The Government still offers a final salary (defined benefit) scheme to its workforce. This type of pension arrangement can be very generous and often provides a high level of guaranteed income in retirement. However, if you are retiring and you hold benefits in a public sector scheme it is worth understanding all of the options available to you. Sometimes there are significant benefits to those non-active members or those approaching retirement in transferring to a personal pension arrangement.
Please see our page “final salary pension advice” or call our team for further information.
Announced in the 2014 Budget, the Chancellor will introduce restrictions on transferring out of public sector schemes. This will be introduced in April 2015. This intended change in pension legislation has created a shortened window of opportunity for reviewing your schemes in the 2014/15 tax year.