Do I need financial advice to transfer a pension?

If you have a defined contribution (DC) pension, you can legally transfer it without a financial adviser unless it offers a guaranteed annuity rate when you turn your fund into income. However, your adviser can talk you through all the implications of a transfer. For example, some defined contribution pensions come with benefits like promised minimum growth and additional death benefits that you could lose if you transfer.

If you have a defined benefit pension or a DC pension that features certain benefits that is worth more than £30,000 you are required by law to get advice.