Paul Wallis Financial Solutions Ltd Pension Transfer Service

Paul Wallis is a Chartered Financial Planner and a Pension Transfer specialist. We are proud to announce that our firm was one of the first to be granted the Pension Transfer Gold Standard.

If you are considering transferring a safeguarded pension there is a lot to think about before you make a decision. At Paul Wallis Financial Solutions Ltd, we are committed to providing you with as much information as possible before you incur any advice charges. For this reason we have produced some basic guides that should help you understand some of the risks and what the process will involve.

Before seeking advice on a potential pension transfer, you will need to have read our information booklets. This is so that you have had the opportunity to think about the reasons why you want to give up your guaranteed benefits before you meet with us and in particular before you incur any costs.

Guide 1 describes some of the key differences between a Defined Benefit (DB) and a Defined Contribution (DC) pension scheme and also contains links that signpost you to other sources of information, including the Personal Finance Society website and an information leaflet produced by Royal London. The Royal London leaflet is more complex and more technical than our own guides but may prove of interest.

Guide 2 describes our advice process and provides an indication of costs.

We would also recommend that you read other educational material and have therefore provided a link below to the Personal Finance Society (PFS) website. The PFS was responsible for establishing the Pensions Advice Task Force, an industry backed initiative that created the new Pension Transfer Gold Standard. On their website you can access two versions of the consumer guide to the Pension Transfer Gold Standard, as well as other general information.

If you then still wish to explore a transfer, please complete and return our Transfer Advice Request Form.

All of these resources are available by clicking on the links below:

Guide 1 - General Guide to DB and DC pensions.pdf

Guide 2 - Guide to the DB Pension Transfer Advice Process.pdf

Transfer Advice Request Form.pdf

If you would like to complete the Transfer Advice Request form online, you can use the Word version of the same document: Transfer Advice Request Form (editable Word version)

We would like to draw your attention to the Financial Conduct Authority's starting position, which is;

"In most cases you are likely to be worse off if you transfer out of a defined benefit scheme, even if your employer gives you an incentive to leaveā€¦" PS18/20 FCA Policy Statement Oct 2018