Final salary pension schemes are a benefit setup by an employer to provide employees with an income during retirement. The pension amount will depend on the time served in the scheme, earnings before retirement and the particulars of the scheme itself.
Perceived wisdom has been to hold on to these benefits and it’s easy to see why. Final salary pension schemes provide a guaranteed income for life with little risk and without effort.
However, some individuals find that transferring to a bespoke personal pension arrangement is more suitable for their individual situation.