Pension Transfers, It’s Important To Get All Your Facts Right

| February 12, 2014

In the UK most people spend years saving money into a pension pot so that they can enjoy their retirement years without having to worry about earning a living. Your pension will be of great value to you, so it is important to make wise decisions throughout your working years. Often people choose to transfer their pension from one scheme to another for various different reasons. In this article we will provide you with all of the essential information you need to know about pension transfers.

Pension Transfers

Transferring your pension to a new scheme? It is important that you know all of the facts first!

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Why transfer your pension to a different provider?

People choose to transfer their pensions for a number of different reasons. Some people have no choice as their current scheme is being closed or wound up. Whereas others do it to get a better deal or because they have taken a job at a new company. There is also the option to merge multiple pensions from a number of employers to bring them together under one scheme. If you are thinking of changing your pension provider, it is important to get all the facts right first. Below we have detailed some of the important things you need to keep in mind when choosing to transfer your pension.

The cost

Before transferring your pension over to a new provider, it is important to find out whether your will be charged for the transaction. If the answer is yes, then find out how much. This may not be as much as you actually expected and if the new pension provider offers a better deal, the small cost will definitely be worth paying.

The rules

Whilst you may be considering transferring your pension to a specific scheme, you need to make sure that the provider will actually accept your proposal to move. Once you know this information, you need to find out what your contributions rate will be. The new pension provider may set rules regarding how much money you can transfer from your current pension scheme, so it is essential to get the

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facts right before making your decision.

Pension protection

Whilst we are on the topic of getting your facts right, you also need to quiz pension providers about their rules regarding things like enhanced protection and protected pension ages. It is important that you choose a pension scheme that prevents you from losing your pension’s fixed or enhanced protection or your right to protected pension age during the transfer. Not all providers offer this, so it is definitely something you need to keep in mind when making the decision to transfer your pension.

charges for transferring your pension

Investigate the charges for transferring your pension before making your decision.

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The Pension Bureau

Transferring your pension to a new provider or merging multiple pensions together is a big decision to make, so it is understandable that you may need some guidance. The Pension Bureau has many years’ experience in administering pension transfers and merges. The team of highly professional pension advisors will take your needs and requirements into consideration and provide you with tailored advice that will help you choose the right pension scheme to suit your personal situation.

Conclusion

Whether you are looking to get a better deal on your pension or are simply moving jobs and wanting to take your pension with you, it is important that you look at all the facts and take them into consideration before deciding to transfer or merge your pension. Whilst it is important to consider the cost of the transfer, it is also important to find out whether you will still be entitled to enhanced protection and how much money you will be able to transfer. If you are feeling overwhelmed by the whole process, it is highly recommended that you get in touch with the experts at the Pension Bureau.

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