Why it’s good to have

It’s your employer’s responsibility to make sure there’s enough money to pay you in retirement, not yours. These pensions are now very rare and provide guarantees that are hard to beat.

Am I likely to have it?

It’s more likely if you’re older and you’ve worked for larger employers. Check your annual pension statement for the words “final salary” or “defined benefits”

Why it’s good to have

Your money is guaranteed to grow at a given rate. These guarantees can be 0% (you get back at least what you paid in), or can be higher (e.g. 4% a year). If you transfer early your value may be reduced if your funds have grown less than the guaranteed rate. This is called a “Market Value Reduction.”

Am I likely to have it?

Investment guarantees are more common on older pensions but can still be offered today. Check your annual statement – do any fund names contain the word “guaranteed” or “With Profits”?

Why it’s good to have

These typically provide a far higher retirement income than can be bought today. They have restrictions though (e.g. guaranteed rates may only apply on a certain date like your 65th or 75th birthday).

Am I likely to have it?

Guaranteed annuity rates are most common on individual pensions (so not workplace pensions) started before July 1988, although some sold since then can have them too.

You’re most likely to have a guaranteed minimum pension or other safeguarded bene ts if you were in a nal salary scheme and your bene ts were transferred to another plan for you.

Why it’s good to have

Quite simply, it means you could pay less tax when you start taking money out of your pension.

Am I likely to have it?

You could have this if you were in a pension scheme before April 2006.

A few people can retire before the normal retirement age of 55. These are often people in specialist occupations (e.g. professional footballers).

Some pensions have other bene ts (e.g. life insurance), which can be lost on transfer. You may be able to purchase equivalent cover elsewhere, but if you’re in ill health you should check before transferring.