Pension Transfer – Is It A Good Time?

You can choose to transfer your pension at any point in your career. As with any investment decision, timing is critical for a pension transfer. You should consult a pensions expert such as deVere Insights before you transfer your pension. When you're thinking of transferring your pension, there are many factors to consider.

What are the benefits of a pension transfer?

Most people think of pension transfer when they move jobs. Most companies offer pension plans as part of their benefits package. Although you won't see all the details before you sign up, it is a great incentive for potential employees to have a good plan. What happens to your pension if you join a pension scheme at a new company?

You can often transfer your pension to get better annual management rates or better benefits than the current plan. This means that the money you have invested will be working harder for you when it comes to retirement. You may also want to transfer your retirement savings to a plan where you can continue contributing throughout your working life. This will ensure that you have a steady stream of benefits and a larger pension pot once you retire.

When is it appropriate to transfer your pension?

FSA regulations apply to all UK pension transfers. You should only transfer your pension if you have received independent specialist advice. Because the pension market is complex, it is important to consult a qualified pension transfer advisor to make sure you get the best deal.

Do not rush to transfer your pension. You could end up with a lower-quality pension plan than the one you were originally in. This could lead to higher transfer fees or an annual fee. Before you make a decision, do your research about the best types of pension for you. Also, consider the pros and cons of transferring.