Are you thinking about making a pension transfer from one pension company to another? Read on to learn about the key things to consider when making a decision.
Ease and convenience
It can be hard to keep track of lots of different pensions. Having your pension savings in one place makes it easier to keep track, and can help you feel in control of planning your retirement.
Charges can vary depending on the provider, so consider the charges you are currently paying and those you may pay if you transfer to another plan.
If you want access to a wider range of investment options, you should consider this as part of your transfer decision. If investing responsibly is important to you, you should also consider this when making your decision.
Flexibility at retirement
Most providers are likely to offer you flexibility at retirement. But it's worth checking so that when you come to retire, you can take your pension savings in a way that suits you.
You should check to see what costs are involved in transferring, like transfer fees or charges for independent financial advice.
You might lose valuable benefits
You might have benefits or guarantees on your existing plan that you may lose if you transfer.
3. Should I speak to a financial adviser?
An adviser can look at your overall finances to help:
- Understand your needs
- Discuss potential solutions
- Draw up a short list of options and providers
- Highlight the pros and cons
- Make a recommendation
Advisers may charge for their services – though they should agree any fees with you upfront.
Decide for yourself
Find a financial adviser
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