 Pension Transfer
Why do you want a pension transfer?
For the majority of people when you move jobs there is an option to transfer a pension into your new employer's scheme.
The majority of companies offer pension schemes as part of their benefits package, and although you are unlikely
to see the details of the new scheme before you join, most schemes are designed to attract new employees to the Company. If you start work at
a new company and join the pension scheme, what happens to your old pension?
In many cases, you can transfer your pension in order to take advantage of better annual management rates, or better benefits than your current scheme offers. This means that the money you have invested will be working harder for you when it comes to retirement. Alternatively, you may want to transfer your contributions to a scheme where you can continue to contribute throughout the rest of your working life, ensuring a continuity of benefits and a more valuable pension pot when you reach retirement.
When should you transfer your pension?
Every pension transfer in the UK falls under FSA regulation, and you should only transfer your pension after you have taken independent specialist advice. The pensions market is notoriously complex and, in order to ensure that you are getting the best deal, you need to speak to a pension transfer adviser who knows the market well and can give you the advice you need.
Make sure you have done some research on the types of pension that may suit you best, and that you consider all the pros and cons of transfer before you commit yourself. This is where a good financial adviser can help you most of all.
The best pension plan advice comes from those people who know the market intimately. They can assess your needs and recommend an appropriate solution. If you are considering effecting a pension transfer then contact our pension transfer advisors. Fully qualified, regulated by the FSA and being independent they can advise you on the whole of the market.
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