Pension Transfer

Have you got a Personal Pension plan but feel like you can get a better deal? Do you have previous frozen pensions?

These pensions could be put to better use by transferring them to a new policy.

What you need to know

  • You may have various Personal Pensions of various types which can be combined if beneficial.
  • We can find out the current scheme benefits from all Personal Pensions and SIPPS, and transfer values for you. If it is beneficial to transfer these into a single fund under your control we can advise and help you do this.
  • Our Proposition is to review all of your past pensions that you have and no longer pay into and advise on each one letting you know the benefits to remain with the current scheme or to transfer out.
  • The aim of this process is for you to understand and know all of your retirement options and maximize your pension(s) value to you and your family.

Speak to someone today

If you would like to speak to someone directly today,
please give Howard a call.

Available Monday - Friday 9am to 6pm

Our Transparent Process

Obtain your Signed Permission

Pensions are complicated and in our 32 years of experience need two face to face meetings at your home.

The first meeting so you know who you are dealing with, how we operate and to discuss what you have pension wise. We will run through our process and complete all of our initial paperwork at that meeting. We will also obtain all necessary permissions from you to get all the information and paperwork we require from each scheme concerned.

Agreement / Paperwork

Following the initial meeting we will contact all of your pension providers and obtain the necessary information and paperwork we require. Upon receipt we will prepare the necessary reports, receiving scheme paperwork if applicable and suitability report for our advice prior to our second meeting.

Second Meeting

At the second meeting we will run through each of your schemes and our findings and the reason to transfer or not as the case may be and complete the necessary paperwork to complete the process. Following this we will prepare and submit all applications as necessary from our office and follow this through to a conclusion keeping you up to date as we go.

Ongoing Review

Following completion of the process you will be able to log into the providers website and see your values at any point plus we will keep an eye on things as per our servicing agreement.

Be advised that we do not cold call, we do not mail shot, we do not pester people, we do not force people to make decisions they do not want to. Everyone who we see is as a result on an enquiry led by them, meaning that the potential client has made the decision to look at and in most cases transfer their Final Salary Scheme or Personal Pension, or SIPP into a new arrangement be this a new Personal Pension or Annuity or Flexi Access Drawdown arrangement. Whilst we are not order takers, the point of this declaration is that we do not force or push people into making such decisions. We still go through a lengthy advice process to check viability, attitude to risk, product and fund selection and point out all of the pitfalls and benefits either way. In some cases we do not agree and this is pointed out to clients. We do not transact insistent client business.

Contact us to discuss your finances

We specialise in all aspects of personal finance and will personally call you back to discuss your requirements and help you make the best choices for your individual circumstances.

No hidden fees. No pressure sales. Let's secure your future together.

Covid-19 Update - We can now offer remote meetings and electronic signatures. Please choose this option in the form. We can still offer in person meetings if required.

Arrange a callback

Do you have a frozen previous Personal Pension plan or multiple plans? Many people do.

This is where you were paying into a personal pension plan then stopped. Maybe you then started another one and still have it or stopped that also. Many people opted out of SERPS in the 80’s and 90’s which was sold as being free at the time and these pension plans can be worth a good deal depending upon how long they were active and what funds were selected at the time. Rules for these have changed over the years which could be to your advantage now. Many people also can have past company schemes also.

It is very worthwhile looking at all of your different pension pots and seeing if it is beneficial to combine all of them or some of them and do some serious retirement planning.

Some reasons you should use us to transfer your pension(s).

  • Very Competitive Transfer Fee Structure
  • Access to our initial advice and ongoing advice review process
  • Only the best product providers used
  • Flexibility of product and fund selection
  • Extensive Industry Experience
  • We are totally Independent, Directly Authorised Advisers.
  • We are friendly and talk plain English and no waffle.
  • No pressure selling from us.

Why would you transfer your pension?

Some reasons to transfer.

  • You may have several money purchase pensions with several insurance companies and wish to combine these into one single plan so it is easier to manage.
  • You have some plans but have no idea what you have got and wish to review all of them and see what is the best course of action. (this is quite common).
  • You opted out of SERPS years ago, have no idea what funds it is in and wish to review it.
  • You have a Self Invested Personal Pension (SIPP) you are invested in very diverse stock or companies and wish to reign it back in and consolidate back to a more secure product and investment strategy such as a personal pension
  • You have a SIPP instead of a personal pension and don't know why.

If you feel this could be for you...

  • Do you know what the pension policy or policies are going to give you at retirement money wise?
  • Do you know what funds you are invested into and is it in line with your attitude to risk?
  • Do you know what the charges are for the policies you have? By combining these you could reduce insurance company charges.
  • Do you know if you previously opted out of SERPS & S2P and have a pension policy containing this fund?
  • Are you under the age of 55. If so then you can transfer your plans into a single modern plan and contribute if you wish into this plan. You can do this also if you are over age 55 but do not wish to access any of the funds or Tax Free cash at that time either.

Background Information

The Government announced Pension Freedoms in the 2014 Budget to start in the 2015/16 tax year. It means anyone aged 55 and over can take the whole pension fund amount as a lump sum, paying no tax on the first 25% and the rest taxed as if it were a salary at their highest income tax rate. A large withdrawal could put you into high rate tax so advice should be sought before doing this.

What are the risks?

  • The value of funds can increase as well as decrease in an invested contract.
  • There is no guarantee that you will be better off as a result of a pension transfer (switch) into a new personal pension.
  • Drawing income from an invested contract will deplete the fund if too much is taken and or if investment return is not sufficient to cover the income. A large market swing (seen in March 2020) could decrease your pension fund significantly, in some cases 25-30% until market recovery.
  • Smoothed funds are allocated a specific growth rate which is reviewed on a monthly and quarterly basis by the provider.
  • If the market moves up or down by 10% over a 5 day consecutive period the core fund may be adjusted in value up or down in value which would either increase or decrease the value of your holding overnight. You would still receive your specified daily growth rate and this can be altered at the fund reviews by the provider.
  • Pure Cash Fund is available but it offers no growth.
  • There is a 28 day notice period to switch out or into a smoothed fund for fund stability when fund switching.
  • There is no such notice period if you are taking income from your pension.