Pension Transfers

Many personal and workplace pensions can be transferred to another pension. You might want to bring pensions together, access different investment options or find an arrangement that better suits your retirement plans. But some pensions have guarantees, benefits or charges that make moving less attractive, so it’s important to understand what you have first.

It depends on what you have now and what you want from retirement. A transfer could offer greater flexibility, different investment choices or make your pensions easier to manage, but you could also give up valuable benefits or guarantees. We’ll weigh up both sides and help you understand whether moving genuinely makes sense.

The first step is understanding your existing pension, including its charges, investments, benefits and any guarantees. We then compare keeping it with the alternatives. If a transfer is recommended and you choose to proceed, we can arrange the move and handle the paperwork for you.

Depending on your existing scheme, transferring to a self-invested personal pension (SIPP) may be possible. A SIPP can offer greater investment choice and flexibility, but that doesn’t automatically make it a better option. The costs, investments, benefits you could lose and how you plan to use your pension all need considering.

A pension transfer normally means moving your pension from one pension arrangement to another. It isn’t the same as withdrawing money into your bank account. Once you’re eligible to access your pension, there are different ways to take money from it and tax may apply. Be particularly cautious of anyone offering unusual or early access to pension savings.

There’s no single timeframe. It depends on the pension, the providers involved and whether there are guarantees or other benefits that need closer consideration. Some transfers are relatively straightforward, while more complex arrangements can take longer. If we’re arranging your transfer, we’ll keep you updated as it progresses.