What is a pension transfer?
You may have heard the term ‘pension transfer’ but may not be sure of what it means. Simply put, a pension transfer involves transferring your pension from one provider to another – based upon what may be better suited to your individual objectives.
Why should I consider a pension transfer?
UK pensions rules are complex. It may be that your current pension (s) tick all of the boxes and are suitable for your objectives. If that’s the case, then there’s no need to transfer your pension. The most important thing is comparing the market against your objectives to understand if there’s anything more suitable. With pension rules changing dramatically over the past few years and more relaxed rules on how you can take funds out of your pension, there’s never been a better time to compare!
It could be that your current pension does not have access to any other currencies and you are concerned about the exchange rate into your local currency or that you are looking to change the structure of your pension completely from a defined benefit / final salary pension to a personal pension. Whatever the reason, it’s can always be worth exploring your options.
How to transfer a pension
You may have to get financial advice before you can transfer your pension.
We offer a FREE, no obligation with one of our UK qualified, financial advisers so get in touch to learn more about your pension transfer options.
Questions to ask your current provider
Questions to ask your new provider
Mandatory financial advice
Legally you must get financial advice if you want to transfer a defined benefit pension worth more than £30,000.