Many different types of UK pension schemes exist (over 20 types). While the aim of each is to provide you with an income in retirement, they work in different ways.
This means that when you are approaching retirement, you have many different types of pension options available to you, and your existing pension arrangement may not be the most optimal for you. This could be for a number of reasons including (but not limited to):
– Not wishing to lock into a fixed annuity in retirement, but to instead have flexibility of drawing income;
– Wishing to leave a share of your pension to your family/dependants (instead of having this lost back to the scheme on your death);
– Wishing to have control over the way your funds are invested; or
– Tax benefits (associated with drawings, lifetime allowance or international tax systems).
However, there are also a number of benefits to retaining your current pension set up (such as the receipt of a guaranteed pension income stream) and a pension transfer (exchange) is not always in your best interests.
PX Pension Exchange reviews your current pension set up, then looks at the range of available alternatives (including options abroad for international clients) and advises you on the most optimal course of action.
Once you have reviewed the advice, with your authority and where an exchange has been recommended, we undertake the pension exchange for you.
The end result is that your pension options have been fully considered and you are properly set up for your retirement.