Pension Transfer Advice
It’s time to take control of your pension
Why transfer your old pension scheme?
There are two main reasons why someone might consider transferring their old pension:
1. You have an old company Defined Benefit (DB) pension scheme from a previous employer that you want to take control of and benefit from the new, more flexible pension rules, or
2. You have several smaller Defined Contribution (DC) arrangements that you want to consolidate into one, more manageable plan; a plan that has a more competitive charging structure and includes all the new flexible options.
You take control of your money and invest it how you want, including how much risk you want to take and whether the option of ethical/green investments interest you.
Flexible Retirement Options
You can take money out of your pension from age 55. You don’t have to access it all in one go, you now have more choice and flexibility in how you take it and when.
Improved Death Benefits
You can ensure that any money invested in your pension will pass onto whomever you like, whether that is your spouse/partner, children or grandchildren or even a friend or charity.
This service only applies to pensions in the UK. Taking benefits early will almost certainly reduce your pension income in retirement and is only suitable for a limited number of people and circumstances. This should not be seen as an easy option for raising cash.
If you release all your money from your pension early you will not have anything left to provide you with income in retirement. Usually 25% of your pension can be released tax-free, the balance is taxed at your marginal rate at the time of release, this marginal tax rate could change in the future.
Pension Transfer Explained
FREE INITIAL CONSULTATION
Get your free pension review and receive specialist FCA regulated advice for transferring your pension.
Receive expert advice from Grove Pension Solution for free. It’s only if you decide to proceed to full advice that a fee will be charged.