Defined Benefit Projects

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The Retirement Adviser tends to work with the members of defined benefit pension schemes through one of the following project types; Enhanced Transfer Value (ETV), Flexible Retirement Option (FRO) or Pension Increase Exchange (PIE) project.

The Retirement Adviser will advise each member on the advantages and disadvantages of the relevant offer and provide unbiased financial advice.  

Enhanced Transfer Value

An ETV is offered to deferred members, typically aged under 55. This involves the member being given the opportunity to transfer out of an existing scheme and into a personal pension plan. The Retirement Adviser provides advice as to whether or not it would be beneficial for the member considering their personal circumstances.

Flexible Retirement Option 

A FRO is similar to an ETV except that it involves deferred members who are over the age of 55. The Retirement Adviser will present the current transfer value to members along with details of what the existing scheme would provide by way of immediate retirement benefits, together with the benefits they could purchase on the open market (such as an annuity or an income drawdown).

As before The Retirement Adviser will provide advice to the members as to whether they should remain in the scheme, start drawing benefits, or transfer out in order to begin drawing benefits in a different format.

Pension Increase Exchange

PIE affects pension members rather than deferred members. It involves an offer being made to exchange some or all of their future non-statutory pension increases in exchange for a higher, one-off uplift to their pension. The member benefits by receiving a higher immediate pension, and the scheme benefits from the reduction in overall liabilities that the exchange represents. Advice as to whether or not to accept the offer is provided to the member in question.


The Financial Conduct Authority does not regulate pension increase exchange (PIE) exercises.

The Retirement Adviser take the time to understand our business requirements and those of our employees. We always feel in safe hands with The Retirement Adviser and receive honest and straight forward advice.

Representative of Probrand Ltd