Pension Transfer Process

It’s free to find out your options

WHAT ARE THE STAGES FOR ACCESSING MONEY FROM MY PENSION EARLY?

Once you have completed your enquiry form and posted it back to us, the main stages of the process are as follows:

1. INFORMATION GATHERING

This is one of the longest stages

Once we have your completed enquiry form, we then contact your pension provider requesting all the information we need to advise you, such as how much money you have in it and technical data about escalation and revaluation rates etc.

2. TRIAGE

This is a free service

The first stage in helping you to understand about your pension options

At the same time as we are writing to your pension scheme, we will send you generic educational information about the risks of transferring a DB pension scheme and points you need to take into consideration. Our advisers are available if you have any questions.

3. FACT FINDING

We listen to you

Having read through the Triage information and confirmed your understanding so far, we then arrange a telephone call with you at a convenient time, in order to find out about your circumstances and exactly what you need.

4. ABRIDGED ADVICE

This is a free service

We will give you all the time you need to make an informed decision – we will never rush you

Unlike Triage advice, at this stage we will have received back most of the information we need from your pension provider so we can give you more detailed advice specific to you and your pension, where the outcome can either be transferring your pension is not advisable or, we are unable to ascertain suitability and can only do so by proceeding to the next stage of Full Advice.

5. YOUR APPROVAL IS REQUIRED

You are under no obligation to go any further and will not incur any fees if you stop here

Following receipt of our Abridged Advice report and having discussed this with one of our qualified FCA regulated advisers, if you wish to progress to the next stage of Full Advice, you will need to give us your written consent and confirm again, your understanding so far.

6. FULL ADVICE

This service is subject to a fee

A fully qualified FCA regulated adviser discusses our recommendation with you

Once we have received your written consent, we will proceed to carrying out a full analysis of your case, including running detailed technical reports and illustrations. The same adviser will analyse all this information and settle upon a final and definitive recommendation, at which point they will arrange a telephone call with you to discuss their recommendation and answer any questions you may have.

7. FINAL RECOMMENDATION

Helping you to make an informed decision because you have all the facts

We send you a full report, written in plain, easy to understand English, which will set out our final recommendation, including all relevant paperwork needed if a transfer is to proceed.

8. PROCEEDING WITH A PENSION TRANSFER

This is another very long stage

Having sent back your completed application forms, we then request your old pension scheme to transfer your pension fund into the new arrangement. This is a very slow part of the process; however, we will keep you regularly updated with our progress; just bear in mind this is largely out of our control and dependent on the efficiency of the administrators of your old scheme.

9. PAYMENT OF YOUR CASH TO YOU

Most people only release their Tax-Free sum, leaving the rest invested in their pension for a later date

If you have requested immediate release of some of your pension fund, we arrange for this to be paid directly into your bank account at the point the transfer has completed.

Our advice is that if you are considering releasing money from your pension then the best thing to do is to complete the enquiry form as soon as possible. The stage that typically takes the longest is INFORMATION GATHERING from your current scheme.

Once we have this, we can then find out what you are looking to do and provide our recommendation. You can then take your time before you make your decision whether to provide YOUR APPROVAL and proceed any further.