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’ve heard about final salary pensions and they seem to be the best pensions on the market. Could...
 
I am an IT contractor with my own limited company contracting into other companies for work. I was wondering...
 
My husband is a stay-at-home father to our four children while I go out to work, but I’m not sure...
 
Do index linked annuities rise with inflation? Are these generally the best annuity...
Need Help? Live chat now and get an instant answer from our Experts...

Neil
Pensions

Victoria
Insurance
Our Latest Reviews
Mark France
02/01/2018

Josh at Drewberry was extremely helpful and friendly in answering my many questions about the policy before I went ahead.

Mark Walters
06/01/2019

Drewberry was the only website I could find that would give me an indicative Relevant Life cover quote. Victoria at Drewberry was very helpful throughout the whole application process.

Paula Cummings
24/12/2018

They gave me good advice and weren’t pushy! I felt that I was getting what I asked for and I’m happy with the final product that I bought.

We are rated 4.9/5 based on 1966 independent client reviews.
To read more of our independent client reviews click here →
REVIEWS
EXCELLENT
4.92 / 5 Average
1981 Reviews
M Davidson
Overall Rating
Egle did an excellent job obtaining competitive life cover which did not require GP referral. She communicated well and was positive throughout without being too pushy on the sales front.
J Brearley
Overall Rating
Josh and his colleagues at Drewberry couldn't have been more helpful. I needed a fair level of detail to help me decide which life policy to choose and Josh provided the data I needed and responded professionally and quicky to requests for explanations and advice. The website works well too - especially the price comparison feature - easy to recalculate with different options and good links to core documentation. Arranging the completion of the application form was smooth too - they called me back at a re-arranged time and sorted any issues as they arose. Makes a change to find people who live up to the marketing promises but the people I dealt with at Drewberry certainly did.
A morrison
Overall Rating
Phoned jake at drewbury for advice on policy. He was absolutely brilliant no pushy sales tactics and very patient. A would say he is a credit to dewbury if all their advisors are like jake their doing something correct. Very pleased with service i received thanks.
R Wilson
Overall Rating
Michael and the team were very patient and helpful throughout the process.
O Lyn Rogers
Overall Rating
Samantha Haffenden-Angear was fantastic!! She really persevered over a substantial period of time with quite challenging issues and got us a very good outcome on our health insurance. Her tenacity was very much appreciated, thankyou.