Pension Transfer

Advice on Transferring your Pension

If you have an existing pension plan you may wish to consider transferring it to get a better deal on charges on investment choice or both. Many old style personal pension contracts have expensive charges and limited investment flexibility so transferring to a new pension vehicle may be in your interests.

 

For more information on how transferring your pension may be in your interests complete our enquiry form to speak to a pension specialist.

Pension Advice

What type of pension transfers are allowed through a SIPP?

Before transferring an existing pension you should check whether any tax benefits you currently receive will be adversely affected or you will incur any charges or lose guarantees. If you are unsure speak to a financial adviser.

 

The following pension plans can normally be transferred without speaking to a financial adviser:

• Personal Pension Plans (PPPs)
• Stakeholder Pension Plans (SHPs)
• Retirement Annuity Contracts
• Another Self Invested Personal Pension (SIPP)
• Group Personal Pension Plans (GPPs)
• Free standing additional voluntary contribution plans (FSAVCs)

 

Why transfer?  

You can control all of your investments in one place. Wide investment choice, including passive funds and structured investments, as well as a diverse range of investment funds.

 

What’s the process?  

Pension transfers typically take between four and eight weeks from receipt of the application form.

 

There are many reasons why you may wish to transfer your current pension scheme whether it be change of employment, poor performance, issues over the security of the pension scheme, divorce, or a need to improve flexibility.

 

There are many issues to consider before transferring from one scheme to another and we recommend that you seek professional advice in what can be a highly complex area.