Should I transfer my protected rights pension?

I have a protected rights pension from the past and another one I’m currently paying into. I’m wondering if I should transfer the protected rights pension to the current one. What are protected rights?

Question asked by Anne Banks
Are You Pension Happy?
Call us on 02084327334
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

You’ll have a protected-rights pension if you “contracted out” of the state second pension, or its predecessor, the State Earnings-Related Pension Scheme (Serps). Your pension will be made of a rebate of your national insurance contributions as well as tax relief on your share of the refund.

Scrapping Protected Rights Constraints

However, constraints on protected rights pensions were effectively scrapped in April 2012, and plans were converted to normal defined contribution benefits. This means you have the same options as you would with any other defined contribution plan.

You may want to transfer your protected rights pension if you are looking to consolidate your pensions. You should seek pension advice before transferring to ensure this is the right decision. Please contact us to find out more.

protected rights pension
 
pension consolidation
 
retirement planning
 
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.
Start your journey today...
  Find out how a Drewberry financial adviser can help you reach your destination by making the most of your finances.
Call us on 

Frequently Asked Pensions Advice Questions

 
I’m a 50-year-old woman. There seem to have been so many changes to the state pension age recently...
 
A friend told me I should think about ‘income drawdown’ now that I’m in my late 50s....
 
Could you help me understand the difference between a defined benefit and a defined contribution pension...
 
My daughter was recently approached by a company claiming it could transfer her pension benefits before...
Need Help? Live chat now and get an instant answer from our Experts...

Neil
Pensions

Victoria
Insurance
Our Latest Reviews
Chris Wade
18/03/2019

Provided excellent, in-depth advice on the income protection market and researched the market thoroughly to find cover which suited my needs.

Charlotte Traoake
14/03/2019

Exceptional service from Oliver Wigdor! In less than 24 hours after our initial phone call discussing life insurance I now have a policy in place. The call was conducted with the utmost professionalism especially when handling the sensitive personal questions. Thanks again will be recommending to friends and family!

Christian Sawyer
05/03/2019

I have used Victoria before who is always very efficient and very experienced. Her professionalism is worthy of very high regard.

We are rated 4.9/5 based on 2097 independent client reviews.
To read more of our independent client reviews click here →
REVIEWS
EXCELLENT
4.92 / 5 Average
2097 Reviews
D Roberts
Overall Rating
Just had income protection set up by Victoria Slade @ Dewberry. I get medically assessed annually in my profession and illness could potentially put me out of work. Victoria helped me find a great product with British Friendly which has given me peace of mind. Victoria has been very professional and thorough throughout the process and has been a pleasure to deal with.
L Harman
Overall Rating
Jake provided clear and concise information in a way that was easy to understand. He took time to ensure the right product was found to suit our requirements and he was helpful and friendly in the process.
L Peniston
Overall Rating
Really easy process setting up my income protection insurance and Jake explained everything in great detail so i understood all options to make an informed choice. Wouldn't hesitate going to him again - highly recommend Drewberry.
C T
Overall Rating
Exceptional service from Oliver Wigdor!! In less than 24 hours after our initial phone call discussing life insurance I now have a policy in place. The relief of having protection should the unthinkable happen, providing security for my son. The call was conducted with the upmost professionalism especially when handling the sensitive personal questions. Thanks again will be recommending to friends and family!
D hezelgrave
Overall Rating
Excellent