Tips For Pension Transfers In UK
If you are planning for pension transfers and retiral planning in the UK, there are a few things that you should take into account. These tips can help you with your pension transfer in UK.
1. Find an Independent Pensions Transfer Advisor
The law and regulations governing pensions are so complicated and change so quickly that good advice is essential when it comes time to transfer your pension. Independent advisors aren't tied into any product and have access to all information necessary to make informed decisions.
They will also be up-to-date on the most recent changes in pension regulations so that your transfer is within the rules. They will be able to check the value of your pension and compare it with other similar schemes. Do not transfer your pension without consulting an expert.
2. Check out the Benefit Levels
Every pension scheme offers different benefits. Some pension schemes are generous while others are less generous. You want to make sure you're transferring to a pension with the same or better benefits as your current one. Your advisor in pensions can help you assess the benefits and advise you on which ones to keep.
3. Growth Levels
If you are transferring a pension, there may be a period where the new scheme needs to grow to the size of your original pension fund. For this reason, you should ask your pension advisor to check growth levels to see which funds are likely to return your investment to its current level the quickest.