Transferring your pension

You may not realised the value of your pension plans that you have built up over your career, or possibly understand the valuable benefits that they provide. The importance of obtaining advice prior to contemplating a transfer cannot be stressed enough. Valuable benefits can be lost upon transfer and you should ensure that a qualified adviser has reviewed the pensions you have prior to agreeing any transfer.

There are many types of pension, if you have an occupational pension (final Salary) scheme you are compelled to receive advice by law, if the transfer value offered by the trustees of the scheme exceeds £30,000. It is recommended that advice is sought in all cases as there are valuable guaranteed benefits available through these schemes which require expert analysis to evaluate whether these can be given up by a scheme member as they require more flexibility than the scheme pension offers them.

There are several analysis processes that legislation requires are undertaken in the case of a potential transfer from an occupational scheme. The results of these analysis processes and how the results relate to your personal circumstances will confirm whether a transfer is on your interest.

If you have a money purchase scheme they can also contain benefits and features that are worth retaining and would be lost upon transfer to another pension. It always makes sense to review and ensure that a transfer of any kind from a pension is in the beneficial interest of the member/plan holder as once transferred its too late to go back!

Action Points

  • Review and fully understand all of your pension plans – all the features and benefits available to you as a member now and at retirement
  • Ensure any compulsory analysis of the scheme is completed and the results fully analysed by a pension expert
  • Relate the outcomes of the mathematical analysis to your personal circumstances and evaluate the appropriateness of a transfer

Adrian is a pension transfer specialist and helps people evaluate the appropriateness of a transfer both immediately and nearer to retirement. In order to fully understand your position contact Adrian for an independent and detailed review of your pensions to help you fully understand the implications and best solution for you personally.

Please email or call Alison (07496 689 309) or Adrian (07725 343 815) for a no obligation review of your circumstances.