Pension Transfer Advice UK 2026: When Is It Required?
Pension transfer advice is legally required for defined benefit transfers over £30,000. When you need it, how much it costs, and how to choose a Pension Transfer Specialist.
Updated
Quick answer: Pension transfer advice is legally required in the UK for transferring a defined benefit (final salary) pension worth more than £30,000 — you cannot complete the transfer without a positive recommendation from a qualified Pension Transfer Specialist. For defined contribution pensions, advice isn't required but is recommended for large pots or consolidation. Typical cost: £1,500–£5,000.
When advice is mandatory
Pension type
Advice required?
Defined benefit / final salary, over £30,000
Yes — by law
Defined benefit under £30,000
Strongly recommended
DC to SIPP / workplace
Not required (recommended for large pots)
Overseas / QROPS
Specialist required
What a Pension Transfer Specialist does
A PTS is an FCA-regulated adviser with the additional Level 6 Pension Transfer qualification. They review your scheme, analyse your Cash Equivalent Transfer Value (CETV), stress-test the transfer against your retirement plan, and issue a written positive or negative recommendation. There are roughly 4,000 PTS advisers in the UK.
What it costs (2026)
Transfer value
Typical fee
£30k–£100k
£1,500–£3,000
£100k–£250k
£2,500–£5,000
£250k–£500k
£3,500–£7,500
£500k+
£5,000–£15,000 or 1–2% capped
Initial consultations are usually free.
The FCA's position
The FCA's starting assumption is that DB transfers are not in most members' interests — guaranteed inflation-linked income is hard to replicate. FCA data shows 70–80% of analysed DB transfer cases end in a "do not transfer" recommendation. If you get a positive recommendation, understand exactly why before proceeding.
How to choose a specialist
Verify both the firm and adviser are PTS-authorised at register.fca.org.uk
Ask how many DB transfers they've done and what % were positive (20–30% is healthy)
Clarify the all-in fee and whether it's contingent on proceeding
Check independent vs restricted
Our service does the FCA Register check and matches you with a PTS specialist free.
Frequently asked questions
Yes, if you want to transfer a defined benefit (final salary) pension worth more than £30,000. UK law since 2015 makes regulated advice mandatory — you cannot complete the transfer without a 'positive recommendation' from a qualified Pension Transfer Specialist.
UK pension transfer advice typically costs £1,500–£5,000 as a one-off fee, depending on transfer value and complexity. Some advisers charge a percentage of the transfer (typically 1–3%). Initial consultations are usually free.
A Pension Transfer Specialist (PTS) is an FCA-regulated financial adviser who has passed the additional Level 6 Pension Transfer Qualification. Only PTS-qualified advisers can legally recommend a DB transfer. There are around 4,000 PTS advisers in the UK.
Initial guidance (Pension Wise from MoneyHelper) is free for over-50s but does not constitute regulated advice. Actual transfer advice requires a paid regulated specialist. PensionHelper's matching service is free.
The FCA's starting position is that defined benefit transfers are not in most members' best interests. Around 70-80% of DB transfer cases analysed by advisers result in a 'do not transfer' recommendation.
Initial consultation: 1 week. Full advice report and analysis: 4–8 weeks. Total transfer process if proceeding: 3–6 months for DB; 2–4 weeks for DC.
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