Pension Transfers
There are various reasons for Pension Transfers which can be very beneficial to you depending on your circumstances. If you have taken up a new job you may want to take your pension benefits with you; either to your new employer’s pension scheme, or move it to a Buy Out Bond in your own name. If you have multiple pensions from several employments, it may also benefit you to consolidate/combine them.
When transferring your pension, certain things have to be taken into consideration such as your age, current pension types, current contributions, the providers and estimated retirement needs.
To understand which transfer options will be most beneficial for you, it is advisable to first speak to our Pension Advisors as they will take into account your personal circumstances and advise you on the best course of action.
Pension Tracing Service
When leaving your employer or moving from one job to another it is important to consider the pension benefits that you have built up from your current employer or the multiple pensions from the previous employers and understand your pension transfer options available to you.
The transfer rules depend on the arrangement you are transferring from and the arrangement you are transferring to (your circumstances).
Transfer network:
We recommend speaking to a Financial Advisor first before making any decisions to ensure that:
- You are made aware of any charges or penalties on the transfer out.
- The transfer will not negatively affect your tax-free cash entitlements, or the draw down of your benefits.
- You don’t lose out on certain benefits or features like guaranteed annuity rates, and bonuses, etc.
If you think you may have an old Pension but you are unsure, we can track down your Pension(s) and help you regain control of it. See more >>
Benefits of combining or transferring your Pensions:
- Value – Many schemes offer increased or enhanced transfer values
- Reduced Fees – Opportunity to save on fees and charges.
- Consolidation – Ease of administration with a single provider.
- Early Access – Benefits may be accessed from age 50 (depending on scheme rules).
- Tax-free lump sum – 25% tax free cash and ARF option available.
- Preservation – ARF options allow for the preservation of wealth at retirement or death.
- Surviving Spouse – Pension fund can be transferred to your spouse on death.
- Investment Preference – You can invest your pension according to your own attitude to risk, with greater flexibility and fund options.
Accessing your Pension
The benefit of pension transfers is the potential to access your tax-free lump sum. If you decide, for example, to transfer from an Occupational Scheme to a PRB, you may be eligible to access 25% of the pension tax-free.
Should you meet certain criteria and satisfy the scheme rules in this scenario you may be able to take your benefits from your PRB at age 50.
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