Final salary or defined benefit schemes were once considered the gold standard of pension savings. With a raft of new rules, ever increasing costs and many schemes running significant deficits this position has changed in recent years. Many final salary schemes have wound up or closed to new members with those remaining seeing significant financial headwinds. In the context of these issues and the very different benefits now available that the pension freedoms brought in.
It is important to assess your existing benefits and ensure they remain appropriate for you.
Our pension specialists are experienced in reviewing final salary pension schemes and can help provide guidance on what benefits you can expect to receive or alternative options to consider.