When it comes to transferring your pension, there are many things to think about before going ahead. If you’re not sure how to move your pension to a new provider, here’s a quick guide to help you get started.
Why should you consider transferring your pension?
There are many reasons for transferring your pension to a new provider. For instance, if you have several pensions floating around, it could be a good idea to consolidate all your pensions. Not only could this make your pensions easier to manage but consolidating them could potentially let you save on fees, if you’re paying more elsewhere. Before moving your pot(s), it’s worth checking to see if you’ll need to pay any transfer or exit fees. Another reason to transfer could be poor service. If you’re disappointed with the service you’re getting from your current pension providers, it could be worth transferring your personal pension, or Self-Invested Personal Pension (SIPP). Similarly, if you’re paying too much in fees, transferring your pension could help. Whilst it’s always important to consider fees when shopping around, it could also be a good idea to check the rest of the package for each provider you’re looking at. For example, things like customer service and investment strategy could make a huge impact on your journey, so try to do your research before making any decision.
How to transfer your pension
Transferring your pension can sound like a big job, but it doesn’t need to be. Before you move anything, it’s important to locate where your pots are and collect all your pension documents. Once you’re all sorted, transferring your pension is easy. Thanks to digital investment platforms, like Wealthify, you can do it with just a few clicks. Just let us know some details about your pension, including who your provider is, a reference number, and estimated value – you should be able to find these details on your latest pension statement. We’ll do the rest, from managing your Plan to making adjustments when needed to keep your investments on track. As things currently stand, we’re unable to accept pensions that you’re already taking an income from, or transfer any pensions with guarantees or defined benefits (where the amount you’re paid depends on how many years you’ve worked for your employer and the salary you’ve earned).
If you have any questions about pension transfers, please feel free to contact us on 0800 802 1800 or via Live Chat.
The tax treatment depends on your individual circumstances and may be subject to change in the future.
Please remember the value of your investments can go down as well as up, and you could get back less than invested.