Personal Pension Transfer Service
Could your retirement savings get an extra boost?
Pensions have changed considerably over the years and as a result it is more important than ever to review any old pension plans you have to ensure you are getting the best possible deal from them.
Some of the benefits of transferring old pensions into one single modern day plan include:
- lower ongoing charges as older pension plans typically have higher annual management charges than modern arrangements – and lower management charges could lead to a larger fund value at retirement
- greater fund choice – today’s pension plans tend to offer greater investment choices, giving the potential for greater pension fund growth and more diversification – this helps to minimise the potential investment risks present in older plans
- online access – with modern pensions you are able to manage your account online allowing you to look up the value of your savings on a daily basis and change the investment funds your money is invested in
- easier administration – by consolidating your pension savings into one modern plan there is less work involved for you to keep track of how your money is performing – this reduces the time required to understand whether you are on track to attain your desired retirement income
The process of transferring between pension providers, however, can be complex and time consuming, but may not always be right for everyone. For example, an old policy may contain important guarantees associated to the payment of benefits, or there may be penalties that would be applied to the fund if it were transferred to a new policy.
What this suggests is that while moving all your plans into one place can significantly improve your retirement prospects, you should always seek the advice and services of specialists who will give their professional opinion in relation to your particular circumstances.
All our financial planners are highly qualified and experienced, with specific expertise in pension transfers. As a firm, we are able to provide advice associated to transfers from Defined Benefit pension schemes; a specialist area of financial planning. As well as doing the necessary research, we will make any transfer as easy and straightforward as possible, if you do decide on that course of action. Our costs are only payable if you decide to make a transfer so there is nothing to lose in commissioning a review.
If you’d like to find out more about the review process, contact us here.