How much does defined benefit pension transfer advice cost?
Defined benefit transfer advice is specialist work. The useful comparison is the full advice cost, what it includes and whether the adviser has the required permission and experience.
When is regulated advice mandatory?
MoneyHelper states that if safeguarded defined benefit pension benefits are worth more than £30,000, financial advice is required before transferring to a defined contribution arrangement.
Why can the advice be expensive?
The adviser has to understand the scheme benefits, your wider financial position and the consequences of giving up guaranteed income. The FCA describes this as complex specialist advice.
Ask exactly what the quote covers
Compare whether the quoted fee covers initial triage or abridged advice, full transfer advice, implementation and any ongoing service after the decision.
You are paying for the advice, not for a transfer recommendation
A proper advice process can conclude that staying in the defined benefit scheme is suitable. Do not choose a firm because it appears more willing to recommend a transfer.