A lot of people have built up numerous pensions in different companies. They might have set up a private pension too, and when they’re planning for retirement, it’s easier if all these pensions are all managed within one place.
The important thing with a pension transfer is firstly to identify whether it’s the right thing to do. Certain pensions shouldn’t be transferred, such as defined benefit pensions where you might lose an important benefit. Some pensions are of a real gold standard when you retire.
So going through the advice process is incredibly important. First, find a financial adviser that you want to work with. At your first appointment, we will go through a fact find to get an understanding of your situation and identify your needs and objectives.
If you have several pensions, we will ask you to sign a letter allowing us to go to your existing providers to get detailed information about the plans you hold. We find out if you have any benefits that mean we shouldn’t transfer that pension; how much money you’ve got invested and where; what charges apply and various other things to work out if a transfer is the right thing to do.
If we determine that a transfer is a good idea, we will then complete the relevant paperwork, put a recommendation together and then – once you’re happy – we facilitate that transfer for you.
Usually, we do it via the platform that we work with. That will be the new destination for your funds. The platform provider will request the money to be transferred over into one place and invest it in a way that fits your financial plan.
Pensions are designed to provide support during your retirement years, making it crucial to seek the guidance of an advisor. By working with a professional financial advisor, you can ensure long-term benefits and secure a more stable future. At Advice Plain & Simple, our advisors will handle the paperwork, liaise with pension providers on your behalf, and ensure a smooth and efficient transfer process.
We have access and can advise on thousands of products, helping you find the right deal for your circumstances.
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