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Should I Transfer My Pension?
Understanding what your pension provides will give you a good understanding of where you are, relative to where you want to be with your retirement goals. If you have a number of different pensions, it can be difficult to keep track of them. For the sake of simplicity, it might be worth bringing all those pensions into one account.
The process of bringing all of your pensions together is called consolidation or a transfer.
What are the Advantages of Pension Transfer?
There are a number of advantages to this approach, for example:
- You’ll only have to deal with one provider which could make life simpler.
- You are 55 or over and need funds but your current plan won’t allow you to do this.
- You may be able to access more tax free cash.
- You may have health issues and a reduced life expectancy.
- Your existing scheme may be closing.
- The ‘death benefits’of your existing scheme are very low.
Though there are undoubtedly many benefits to consolidation, there are also some issues to consider before you make the decision. For example, it’s important to make sure there are no penalties if you transfer your account from one provider to another. Also, it’s crucial to understand the benefits of your existing policies. Some pensions offer ‘Guaranteed Annuity Rates’ which can provide a much higher income than you can achieve by transferring. Any ‘Guaranteed Annuity Rate’could be lost if you consolidate your pensions.
We will work with you to make sure that you are able to make a fully informed decision by taking you through a full pension review.
If you are interested in consolidating your pension accounts, please contact us to start the process today.