Pension Transfer Checker
How it works
This tool checks for the main red flags: Defined Benefit guarantees, valuable old-pension features (GARs, GMPs, protected tax-free cash), exit penalties, and pension scam markers (cold contact, exotic investments, time pressure).
Worked example
Aisha has a £75,000 DB pension from a former employer. She's tempted by an adviser offering a £150k cash equivalent transfer value to invest.
- DB → DC transfer over £30k: regulated advice REQUIRED
- She'd give up a guaranteed inflation-linked income for life
- FCA position: assume DB transfer is unsuitable unless clearly proven otherwise
- Outcome: most DB transfers should not happen
Who should use this
- •Anyone with old workplace pensions
- •DB pension holders considering a transfer
- •People consolidating multiple pots
- •Anyone approached about transferring their pension
Common mistakes
- ×Transferring a DB pension without truly understanding the loss of guarantees
- ×Ignoring valuable GARs (some 1980s/90s pensions guarantee 8-10% annuity rates)
- ×Falling for cold callers — pension cold-calls have been illegal since 2019
- ×Forgetting protected pension ages (some old pensions paid from age 50)
Frequently asked questions
Can I transfer a Defined Benefit pension?▾
Yes if the transfer value is over £30k you must take regulated FCA advice. Most transfers are unsuitable; the FCA assumes against transferring.
How long does a pension transfer take?▾
DC-to-DC transfers usually 4-8 weeks via Origo Options. DB and complex schemes can take 3-6 months.
What is a GAR?▾
Guaranteed Annuity Rate — some old pensions promise an annuity rate (sometimes 8-10%+) far above today's market rates. Hugely valuable; rarely worth giving up.
Are pension cold calls legal?▾
No — banned in 2019. If you're cold-called about your pension, it's almost certainly a scam.
What's the £30k DB advice threshold?▾
Defined Benefit transfers with a Cash Equivalent Transfer Value over £30,000 must legally be advised by an FCA-authorised pension transfer specialist.