Pension & Later-Life Calculators

Pension Transfer Calculator

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Evaluate the potential value and implications of transferring your pension. Compare fee savings for defined contribution pots or estimate the transfer value of a defined benefit scheme.
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By law, you must seek independent financial advice before transferring a defined benefit pension with a transfer value over £30,000. This is a legal requirement, not a suggestion.
Your pension includes a Guaranteed Annuity Rate (GAR). This is a valuable benefit that provides a higher guaranteed income than you could buy on the open market. Transferring out means you lose this guarantee permanently. Think very carefully before proceeding.
If you're not sure whether your pension has a Guaranteed Annuity Rate, contact your scheme administrator and ask. GARs can significantly increase the value of your pension and are easily overlooked.
Transfer values are sensitive to interest rates and gilt yields. When interest rates rise, transfer values typically fall. The figure shown is an estimate — your scheme administrator will provide the actual CETV, which is only guaranteed for a limited period (usually 3 months).
This comparison assumes constant growth rates and charges over the full term. In practice, investment returns vary year to year. Even small fee differences compound significantly over long periods — a 0.5% fee reduction on a £100,000 pot over 20 years could be worth over £15,000.

Defined Contribution — Fee Consolidation: Projects your pension pot forward under two fee scenarios using compound growth. Each year, the pot grows by the growth rate minus the annual fee, plus any ongoing contributions. The "consolidation bonus" is the difference between the two projected outcomes.

Defined Benefit — CETV Estimate: The Cash Equivalent Transfer Value is estimated by multiplying your annual pension benefit by a transfer multiple. This multiple reflects current market conditions, gilt yields, and your age.

Critical Yield: The annual investment return your transferred pot would need to achieve, after charges, to replicate the guaranteed income from the DB scheme. This is calculated by finding the rate at which the CETV, growing over the years to retirement, could sustain the annual pension benefit for an assumed 28-year retirement (planning for longevity).

Risk Assessment: A critical yield below 3.5% is generally considered achievable with a balanced portfolio. Between 3.5% and 5% carries moderate risk. Above 5% means you would need consistently strong investment returns to match the DB guarantee — historically difficult to sustain.

These are estimates only. Always seek independent financial advice before making any pension transfer decisions.

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Estimates only. Seek independent financial advice. www.moneyhelpdesk.com

Thinking about a pension transfer?

A qualified pension transfer specialist can help you understand your options and make an informed decision. This is one of the most important financial decisions you can make.

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