Pension Switch & Free Pension Transfer Advice
It’s fair to say that not all pensions are created equally. There are fees and charges which may be excessive and you could be investing in risky funds despite your risk profile being more cautious. If you’ve left an employer and forgotten about the pension then you’re potentially missing an opportunity to maximise your pension pot.
Your pensions belong to you. It’s your money and you have the right to determine what happens to that money. When you move job and forget about the pension these are known as “dormant pensions” or “frozen pensions”. These pensions can help support you in later life and find your retirement.
For more information about pension transfers and consolidating pension you can speak to Free Pension Advice.
Once you know where your pensions are and how much you have in each pension pot you can decide whether it’s best to consolidate them into one manageable pot or leave them separate. At Free Pension Advice we can complete a free review to assess if there’s a cost saving. Each pension will have a management charge which you’ll have to pay and it may be cheaper and easier to manage your pensions in one pot, in line with your attitude to risk profile. However our advisers will also take into account if there are scheme benefits, bonuses or penalties for moving your pension.
Pension Transfer Final Salary
If you’re considering transferring your final salary or defined benefit pension then there’s a legal requirement to seek independent advice from a qualified adviser when your transfer value is £30,000 or more.
Our advisers can give you free guidance and support on the process. Due to legislation we can no longer provide a free pension review of defined benefit pensions.