Moving or combining your Pensions

Pension Transfer Advice can offer you the opportunity to benefit from new features and more flexible pension offerings from other providers and potentially save money by paying lower ongoing management fees.

It can be easy to forget about your pension because you won’t access it until you are at retirement age, but there have been many innovations and increased competition amongst pension providers in recent years. This means pension savers have the opportunity to unlock a wider range of features and benefits, such as more flexibility in drawing pension income, more investment choices and can also get a much better deal. Pension Transfer Advice can ensure you make the best decision for your nest egg.

What are the possible benefits of Pension Transfer Advice?

In the UK, transformative changes have taken place that make saving for the long-term using a pension more attractive. The government are keen to ensure that everybody has their own pension so that they are not reliant on the small payments provided by the State Pension.

As a result, providers have looked for new ways to attract customers and fulfil their increasing expectations. Your retirement savings could go much further if you take appropriate Pension Transfer Advice to review your old pension pots and search for the best options for you. Benefits can include:

Reduced Administration and Less Risk

It is common to accumulate a handful of pension pots because people rarely stay in one job. Because these pots are usually held with different providers, it can be hard to understand whether you are on track for a comfortable retirement or see what you will likely receive. Additionally, many people lose track of their hard-earned pension savings because they forget to provide the pension provider with up to date contact information when they move homes or change their email address. By combining your pensions into one, you can accurately forecast your likely retirement benefits, take more control over managing them and be at less risk of losing track of your hard-earned pension savings.

Lower Charges

Pension regulations and standards have done much to drive down the average cost of modern-day pensions. It is not uncommon for older-style Stakeholder Pension Plans to charge an Annual Management Charge of as much as 1.5%. Today, such ongoing charges can be just a fraction of this amount. By taking Pension Transfer Advice, you may find you are able to pay less in ongoing fees, you have a better opportunity to save up a larger retirement fund.

Greater Choice of Investment

Today’s pension plans tend to offer a far broader selection of investment choices, offering you greater diversification of your investments and allowing you freedom from being stuck in underperforming investment funds. If you have other investment requirements, such as a desire to invest ethically or in compliance with Sharia law, you are more likely to find options that meet your needs in modern pension plans.

Greater Choice in Retirement

Older pension plans frequently provide fewer retirement options because, when they were taken out, there weren’t many options as to how you could draw your pension when you retired. Now, thanks to Pension Freedom and Choice legislation, you have a great deal of control available to you. Modern pensions take advantage of these flexibilities, so taking Pension Transfer Advice can help you plan the retirement you would like.

What does Pension Transfer Advice involve?

Pension Transfers are becoming quicker and easier, although some paperwork and financial advice is involved. We will work with you to understand your pension requirements and any plans or wishes you have for your retirement before we conduct a market search.

It is important to understand that some pension contracts may contain special guarantees or unique benefits that can be lost on transferring, or there may be penalties for leaving a scheme. However, so long as you seek Pension Transfer Advice from a reputable Chartered Financial Planner, you can be assured this will be investigated as part of the advice process. Our process will ensure you understand the comparative advantages and disadvantages and we will provide you with our professional recommendation based on an extensive analysis.

A Warning: Be ScamSmart – don’t fall victim to scams!

Because pensions are an efficient way to save for the long term, your pension pot may be one of the biggest financial assets you have. This could make you a target for scammers, so it is crucial you check who you are dealing with and know where to check if something doesn’t seem right. Always be alert to these warning signs:
  1. Reject unexpected offers: Be wary of cold calls – they are completely illegal
  2. Know who you are dealing with: When it comes to transferring large sums of money from your pension, always deal with a registered, professional financial adviser
  3. Check any contact details you are given: Some scammers ‘clone’ legitimate financial advisers’ websites to pass themselves off as the real thing
  4. Don’t be rushed or pressured: When something sounds too good to be true, it probably is. There should never be a need to rush – financial advisers are paid to get things right for you and ensure you feel comfortable and in control
  5. Get impartial information: Don’t let someone tell you what to do and take time to understand your options
If you are dealing with Creative’s Wealth Management team, you can rest assured that we are registered and regulated by the FCA and, as Chartered Financial Planners, we are some of the most qualified advisers in the country.
We want you to plan your retirement securely and with confidence. To find out more about identifying pension scams, visit the Financial Conduct Authority’s dedicated ScamSmart website or contact us for help.

Let Creative help make tomorrow something to look forward to

Creative’s Wealth Management Team of Chartered Financial Planners are amongst the most qualified and experienced pension transfer experts in the country. If you want a better grip of your pension savings so tomorrow really us something to look forward to, don’t go it alone – talk to Creative today.

Creative also offers specialist advice to customers considering Final Salary Defined Benefits Pension Transfers. You can find out more about our service here.


Important information about transferring pensions

  • The value of your investment may go down as well as up and you may not get back what you initially invested.
  • There may be penalties or charges for transferring your pension plan – check with your provider before any action.

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