How Do I Start a New Personal Pension?
Question asked by Todd Green
I have a number of private pensions and I’m thinking of just consolidating them all into one. Is this hard to do or should I get pension advice?
If you are in any doubt about whether transferring your pension is a good idea, then it is a good idea to seek advice before moving.
It is a requirement to seek regulated pensions advice if you are thinking of transferring out of a defined benefit final salary scheme into a defined contribution scheme.
Final salary pensions provide you with a valuable guaranteed income when you retire, which usually increases in line with inflation. The amount you get is based on how long you’ve worked for your employer and your salary in the final year of your job. In contrast, the income you’ll receive from your defined contribution scheme will depend on investment returns.
Please contact us if you would like to speak with one of our specialist pension transfer advisers. Pension consolidation is one our core services. We can obtain pension details and valuations on your behalf and make recommendations on whether pensions should be transferred or not. The research part of our process is free of charge and fees are only due if advice is required.