Should I Get Pension Transfer Advice?

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?

Question asked by Jeanette Kempsey
Are You Pension Happy?
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I know how much my pension is worth
I know how much my pension costs
I have clear financial goals for my retirement

Answered by Andrew Jenkinson

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.

Regulated Pension Transfer Advice

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 in order to take advantage of new pension freedom legislation. 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.

Need help?

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.

pension consolidation
 
regulated pension advice
 
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This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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