What Type of Pension Transfers are Allowed?
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 Your Pension?
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 Pension Transfer 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.