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. 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 rates and additional death benefits that you could lose if you transfer.

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