Flexibility
Transfer your defined benefit pension to a lump sum and you're not restricted by a fixed income. You can take your money as you need it, so you're free to leave a legacy, spend on loved ones, or just live it up!
More tax-free cash
Once your defined benefit pension has been transferred, you have the option to take up to 25% of your fund as a tax-free lump sum. This isn't usually possible if you choose to take your regular, fixed income.
Health
Your transferred pension lump sum is based on the average life expectancy – if you're suffering from ill health, this could mean you receive a larger pot of money to spend, relative to your actual life expectancy.
Secure your pension
We all know that a defined benefit pension is only as safe as the company that supports it – if your former employer goes bust, you could lose out. This isn't the case if you transfer, as the money's already yours.