UK Pension Transfer: Know the Process
Are you planning on transferring your UK pension?
It’s time to know more about your pension and the benefits available to you.
More people in the UK are moving from one job to another and seek advice on one or multiple pensions. It’s always easier to look at one pension pot but it’s a good idea to review all your pension pots to see how much they’re worth and check your full range of options.
There are many UK schemes and policies that are straightforward and some that are complex and require assistance from a financial adviser to guide you through the process. It’s vital that you only deal with financial advisers who are regulated and authorised by the Financial Conduct Authority (the financial services regulator). The financial experts in pension advisory are able to assess and analyse every pension and determine the benefits and risks involved in the process of a pension transfer. It is the responsibility of the adviser to ensure that your personal circumstances are understood regarding the benefits and tax implications of keeping or transferring your UK pension.
It is essential you consult a qualified pension adviser to give you the best advice to weigh up your options regarding your pension for retirement. Where your pension is a defined benefit (salary related) scheme, a transfer must be signed off by a regulated financial adviser with the required specialisms.