Pension Transfer Specialists

A pension transfer occurs when you move your pension savings from one pension scheme to another. This process can involve transferring the funds from a workplace pension to a personal pension, from one personal pension to another, or from an older pension scheme to a newer one. Pension transfers can be done for various reasons, including seeking better investment options, lower fees, or consolidating multiple pensions into one. It’s a significant financial decision that should be made carefully, often with the guidance of a financial advisor.

At Pension Advice London, our experienced financial specialists can offer you regulated, qualified advice on pension transfers, as well as a full range of investment solutions. Many of the people we help trust us for advice on pensions, bonds, ISAs, unit trusts, SIPPs and estate planning.

Free Initial Pension Transfer Advice

Pension transfers in the UK can be a strategic move to enhance your retirement savings, offering benefits like better investment options, lower fees, and simplified management. However, it’s essential to carefully consider the reasons for transferring, understand the potential costs and risks, and seek professional advice when necessary.

If your pension is valued at £30,000 or more, then you will need a qualified adviser to help you with the process. Our initial advice is always free. This means we’ll meet and discuss your requirements, gather paperwork and suggest how you can proceed for free. If you are satisfied with our support and authorise your adviser to proceed with any regulated service, then a fee would be charged. This fee would be agreed in advance and would usually be paid from your pension, unless you wish to pay the fee separately.

Book a free consultation with a pension adviser today.

Talk To An Adviser

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Free Pension Review

    Enquire below to receive free initial pension advice for a qualified, regulated financial planner.

    All information provided is confidential and managed securely.

    Transfer Your Pension

    If you would like to transfer your pension, then we can help. If you wish to access your tax-free cash, better manage your investments or move from expensive platform fees, we can support you.

    Why You Would Want to Transfer Your Pension?

    There’s ten primary reasons for transferring your pension, including:

    • Better Investment Options: You might find a pension scheme that offers a broader range of investment options, better performance, or funds that align more closely with your risk tolerance and investment goals.
    • Lower Fees: Some pension schemes charge higher fees for managing your money. Transferring to a scheme with lower fees can save you money and increase your overall retirement savings.
    • Consolidation of Pensions: If you have multiple pension pots from different employers or personal pensions, consolidating them into one can simplify your retirement planning, make it easier to track your savings, and potentially reduce management fees.
    • Improved Service and Flexibility: Newer pension schemes may offer better customer service, online management tools, and more flexible retirement options that suit your needs better than your current scheme.
    • Access to Modern Features: Transferring to a more modern pension scheme can provide you with additional features such as better online access, improved retirement income options, and potentially better growth prospects.
    • Avoidance of Poor Performance: If your current pension scheme has consistently poor investment performance, transferring to a scheme with a better track record can improve the growth of your retirement savings.
    • Changes in Employment: When you change jobs, transferring your pension can ensure that your retirement savings continue to grow under the new employer’s scheme or your chosen personal pension plan.
    • Retirement Planning: Transferring pensions can help align your retirement savings with your overall retirement plan, ensuring that you have a coherent strategy in place for when you retire.
    • Simplified Estate Planning: Having your pensions in one place can make it easier to manage your estate and plan for the future, making it simpler for your beneficiaries to understand your wishes.
    • Tax Efficiency: Transferring to a scheme with better tax benefits can help maximise your savings and reduce your tax liability, both now and in retirement.

    Pension Transfer FAQs

    Our most popular pension transfer questions have been answered below:

    Most types of pensions can be transferred, including workplace pensions, personal pensions, stakeholder pensions, and SIPPs (Self-Invested Personal Pensions). However, state pensions cannot be transferred.

    Yes, some pensions, particularly final salary or defined benefit pensions, have restrictions and may require you to receive financial advice before transferring, especially if the value exceeds £30,000.

    Costs can include exit fees from your current scheme, entry fees for the new scheme, and charges for financial advice. It’s important to weigh these costs against the potential benefits of transferring.

    The process can take from a few weeks to several months, depending on the complexity of the transfer and the efficiency of the providers involved.

    Risks include losing guaranteed benefits, facing higher fees, encountering poor investment performance, and the potential for scams. It’s crucial to thoroughly research and consider these risks.

    You should always seek financial advice before taking any decision on your pension. If your pension is valued at under £30,000 (and it’s not a defined benefit/ final salary pension) then you can typically transfer your pension yourself. However, as we offer free initial advice, speaking to one of our qualified advisers won’t cost you anything.

    Some schemes allow partial transfers, but this depends on the rules of both the current and the receiving pension schemes. We can help you explore this option if you’re thinking about a partial transfer.

    Generally, the transfer itself doesn’t have immediate tax implications, but it can affect your overall tax planning. For example, transferring to a scheme with different tax treatment can impact your retirement income.

    The treatment of your pension after death depends on the type of scheme and its specific rules. Defined contribution pensions often allow you to nominate beneficiaries who can inherit the remaining funds.

    Yes, but you should be particularly cautious. Transferring close to retirement requires careful consideration of the timing, potential costs, and the impact on your retirement income. Professional advice is crucial in this scenario.