Pension Switching Specialists

A pension switch occurs when you move your pension savings from one pension scheme to another. This process can involve moving 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 switching can be implemented 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.

An experienced financial adviser can offer you qualified advice on pension consolidation and switching, as well as a full range of investment solutions. Many of the people we help enquire for a variety of support, including advice on pensions, bonds, ISAs, unit trusts, SIPPs and estate planning.

The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.

Free Initial Pension Consolidation Advice

Pension switching 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 switching, 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. If you are satisfied with our support and authorise your adviser to proceed with any 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 initial consultation with a pension adviser today.

If you would like to talk to an adviser, please leave your details below and we’ll be back in touch soon.

Free Initial Pension Review

Consolidate Your Pension

If you would like to switch your pension, or multiple pensions, 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.

Book A Pension Review

Why You Would Want to Switch Your Pension?

There’s ten primary reasons for switching 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. Switching 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: Switching 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, switching to a scheme with a better track record can improve the growth of your retirement savings.
Changes in Employment: When you change jobs, consolidating 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: Switching 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: Switching to a scheme with better tax benefits can help maximise your savings and reduce your tax liability, both now and in retirement.

Investment performance is not guaranteed and past performance is not guide to future performance.

Remember the value of investments can go down as well as up and you may get back less than was paid in.

Reasons why you may not want to switch your pension plans?

Some older plans may have special benefits and guarantees for example they may have valuable guaranteed annuity rates. There could also be penalties we would be able to look into this for you and also find out if there’s any way any penalties can be removed. It may also be that your current plan has lower or the same investment charges and choices, again we can look at these with you and help you make the right decision for you.

So, if you’re unsure whether it’s right for you, you should get some financial advice.

Pension Switching FAQs

Our most popular pension switching questions have been answered below:

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

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

Transferring out of a Defined Benefit/Final Salary scheme is unlikely to be in the best interests of most people.

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 switching.

The process can take from a few weeks to several months, depending on the complexity of the switch 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 move your pension yourself. However, as we offer free initial advice, speaking to one of our qualified advisers won’t cost you anything.

Transferring out of a Defined Benefit/Final Salary scheme is unlikely to be in the best interests of most people.

Some schemes allow partial switches, but this depends on the rules of both the current and the receiving pension schemes. We can help you explore this option.

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. Switching 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.