The reasons people transfer their pensions vary, with some looking for better fund performance and lower charges, and others having been made redundant.
\nIf you have a number of pensions from previous employers you should obtain professional advice as it may be appropriate to consolidate them, although this will depend on a number of different factors you\u2019ll need to discuss in full.<\/p>\n
Increased buying power<\/strong><\/p>\n If appropriate, consolidating your pension plans would enable you to bring all your retirement savings together, which could make it easier to manage or increase your choice of investment options – particularly useful if your existing funds are underperforming.<\/p>\n Is transferring your pension right for you?<\/strong> 1. Compare the charges – <\/strong>how do the costs of your current pension compare with those of the potential new provider?<\/p>\n 2. Exit fees – <\/strong>some pensions apply an exit fee when you transfer out, so check with your current provider before you transfer.<\/p>\n 3. Loss of benefits –<\/strong> check what benefits from your\u00a0current pension you could lose if you transfer out of it.<\/p>\n 4. Compare the investment options –<\/strong> how does the range of investments from your current pension compare to that offered by the new pension provider?<\/p>\n","protected":false},"excerpt":{"rendered":" Consolidating your pension plans The reasons people transfer their pensions vary, with some looking for better fund performance and lower charges, and others having been made redundant. If you have a number of pensions from previous employers you should obtain professional advice as it may be appropriate to consolidate them, although this will depend on… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/1361"}],"collection":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1361"}],"version-history":[{"count":0,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/1361\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nPension transfers are a complex area of retirement planning and you should be sure that a transfer is right for you before you proceed.<\/p>\n