Impartial and Unbiased Advice on your Final Salary Pension Transfer 

The decision to transfer out of a Final Salary Scheme (also known as a Defined Benefit Pension Scheme) is one of the most important you’ll ever have to make in terms of your pension.

Why our clients put their trust in us

Claire Novakovic is Accudo Investments’ in-house Pension Transfer Specialist and she’ll work with you every step of the way. Claire is a chartered accountant with ICAEW and also a qualified chartered financial planner.

For final salary pension transfers valued at £30,000 and above, expert financial support is mandatory.

Claire has many years of experience in the sector and, supported by her FCA pension transfer permissions, she has the skills and practice to guide you seamlessly through the complex issues of your final salary pension transfer process. Her knowledge and professionalism will allow you to feel confident and secure that your decision is the right one.As a result of the FCA’s consultation paper on 5th June 2020, Accudo Investments has now included an option for abridged advice in our services.In line with the FCA proposal, this option for a short form of advice will be available after 01/10/20 for a fixed fee of £500. The abridged advice will deliver one of two outcomes:
      1. Recommending to the client not to convert or transfer their pension
      2. Advising the client that, based on the information at hand, it is not clear whether it would be of benefit to them to convert or transfer. The client would then be asked if they want to proceed to full advice.

With you all the way

Not everyone’s circumstances are right for a final salary pension transfer so it’s vital you receive the correct advice based on your personal situation.

If you’re looking for flexibility around your circumstances, more favourable death benefits, and if you’re not entirely dependent on a high withdrawal rate from your pension, a final salary pension transfer scheme may be appropriate for you.

However, if you have a lack of assets to fall back on in your retirement and you’re dependent on the level of income that your defined benefit scheme provides, it is not likely to be an appropriate path to take for your situation.

Tailored advice to suit your individual needs.

By the time they come to us, many of our clients have in place a range of diverse pension plans. Everybody’s situation is different, though, so it may be the case that your final salary scheme is one of several plans you have, or it could be your only one and, effectively, your biggest asset.

When you come to us regarding a final salary pension transfer, our clearly defined 4-stage process always begins with a free and comprehensive discussion with Claire in order to identify your financial position and personal objectives.

Your In-depth Pension Transfer Report

Whether the recommendation is for you to proceed or not, if you choose to obtain full advice from us (as opposed to the abridged option available from 01/10/20) you will be provided with a Pension Transfer Report based on the findings of Claire’s in-depth and exhaustive analysis.

The feedback from many of our clients is that the report is extremely useful and enlightening in terms of the decisions they need to make with their existing scheme going into retirement.

Some of the areas covered in our reports include:

  • Specialist recommendation whether to opt for a final salary pension transfer or to continue with your existing scheme
  • How commutation factors will affect the level of tax free cash
  • Summary of how your pension will rise in payment
  • Appraisal of the effects of early (or late) retirement discount (enhancement) factors
  • Recommended options for the investment of unallocated tax free cash

Our Fee Model: Transparent & Fair

We’re different from many other financial advisors in that we do not operate under a model of contingent charging, in which advisors only receive payment if a particular route is followed. This practice has appeared on the regulator’s radar because many advisors only charge if the client goes ahead with the transfer (and not if they don’t). This could be seen as a clear incentive for an advisor to recommend a transfer even if it is not in the best interests of the client.

Our Pension Transfer Report is set at a cost of £1,750, regardless of whether the final recommendation to transfer out or not.

In the case of a transfer being the recommended action, we create an appropriate portfolio along with completion of all the forms and compliance requirements in order to facilitate the transfer. Additional initial advice charges will apply, which is 1%-2% of the transfer amount, as well as extra annual fees of 0.5%-0.75%, which is also dependent upon the value of the transfer amount. The £1,750 fee for the initial report will be offset against any additional fees (please refer to our costs and services disclosure for more information on the levels of our costs and services).

In line with the FCA policy statement 19/25, after 01/10/2020 Accudo will adapt the charge for our full report so the fee is the same whether or not a transfer is the recommendation. This cost will be either a percentage charge (based on the value of the pension) or a fixed monetary fee.

“I was assessing retirement and choosing the best route forward for the money I was to release from my pension as well as assessing the savings portfolio I had acquired. I had never dealt with an independent financial advisor before, but had come across some advisors in other institutions, which were not overly impressive or experienced (in some instances), hence why I thought it worthwhile to try someone who would not have an axe to grind for a High Street brand or product. In our initial meeting, Claire was very approachable, friendly, knowledgeable and was able to quickly see where I could be helped and how we could plan for the future.”

January 2019

“Claire explains the options clearly and is not in any way pushy with any advice, I am always able to go away and think about what may be best for me, if I felt that was required. Obviously, with any investment, the current economic situation plays a huge part, but I am happy with how my portfolio has grown over the last eight (?) years and also, how it has been made more tax efficient.”

January 2019

“As an Independent Financial Advisor who is authorised and regulated by the Financial Conduct Authority, Claire was able to provide the advice and expertise I required. Claire is an amiable person who is a pleasure to work with.”

December 2018
Final Salary Pension Transfer
Claire Csoka ACA

Claire is our in-house Pension Transfer Specialist and also a qualified chartered financial planner as well as chartered accountant with ICAEW

FAQs about Final Salary Pension Transfers

What experience does Accudo Investments have with final salary pension transfers?

Claire Novakovic is our dedicated in-house pension transfer specialist and is also the co-founder of the company. She has more than a decade’s experience in the field of pension consulting and is renowned as one the leading industry authorities. Along with her credentials as a Chartered Financial Advisor with the CII (CFA), Claire is a qualified Pension Transfer Specialist and holds the relevant FCA permissions to conduct all business pertaining to pension transfers.

How do you manage the conflict of interest that arises due to financial advisors making more money over time if a client proceeds with a transfer than if they didn’t?

Unlike a lot of other companies that offer financial advice, Accudo Investments does not have a policy of contingent charging. We have a set fee for our Pension Transfer Report of £1,750, whether or not the final recommendation is to transfer or not (although further fees may apply if a transfer is recommended). We’re committed to offering thorough and professional advice suited to your individual situation, which in some cases could be to maintain your existing scheme. While some people may baulk at outlaying costs to effectively maintain their current situation, we believe this kind of careful analysis is money well spent in order to be able to make an informed decision. To avoid any conflict of interest in regards to ongoing fees, we will also thoroughly analyse whether any transfer would be better directed into your workplace pension scheme as opposed to a personal pension recommended by us.

Are there risks associated with staying in a Defined Benefit Scheme?

You may receive less than the full amount you’ve accumulated if your employer becomes insolvent and there is insufficient money in the company fund to pay out the promised pension.

Who would benefit from a final salary pension transfer?

The people who are most likely to benefit from transferring or consolidating their final salary scheme are those who are not entirely dependent on it for their income in retirement. This includes people who have other investments or pensions, or those considering taking a pension sooner or later than retirement for taxation or wealth planning.

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