As we go through life our pension schemes, pension plans, finances and perhaps even marital status change, and it may become necessary to transfer a pension from one scheme to another. A pension transfer is when you move the value of your pension contributions from one scheme to another.
There can be many reasons why you need to transfer your pension - perhaps your existing workplace scheme is being wound up, or another scheme suits your personal circumstances better, or you get divorced and need to split your pension assets.
Before you transfer your current arrangement, there are things you need to consider such as early termination charges, interest rates and risk exposure. An independent financial adviser will be able to explain all the options available to you, assess the current scheme, recommend suitable new schemes and even undertake the pension transfer on your behalf. Find a pension transfer specialist.
Questions you might like to ask an IFA or financial adviser…
- How much will I be charged for transferring my pension?
- Will my current provider charge me for moving my pension?
- Will the value of my contributions decrease once they’ve been transferred?