Why transfer your pension

Optimising income in retirement

Many different types of UK pension schemes exist, and while the aim of each is to provide you with an income in retirement, they work in different ways. So, why transfer your pension?

We consider the most suitable options for your retirement. This means that when you are approaching retirement, you have many different types of pension options available to you. Your existing pension arrangement may not be the most optimal for you.

Why review your pension options now?

There could be a number of reasons for reviewing your pension options. They include, but are not limited to:

  • Rather than lock into a fixed annuity in retirement, you may want the flexibility of drawing an income. Many older pensions in particular don’t offer this.
  • Many people have several pots built up over their working life that could be consolidated and upgraded to a lower cost and more flexible type of pension
  • Poor health and shorter life expectancy might mean you could get a bigger pension elsewhere
  • You may wish to leave a share of your pension to your family/dependants – instead of having this lost back to the scheme on your death.
  • You may want control over the way your funds are invested.
  • You may want to assess your tax benefits associated with drawings, Lifetime Allowance or international tax systems.

However, there isn’t one size that fits all solution and sometimes it makes sense to ‘mix & match’ options

It’s important to remember there are also a number of benefits to retaining your current pension set up, especially if it offers a ‘risk free’ pension income stream and inflation protection. A pension transfer (exchange) is not always in your best interests and we will inform you if we feel you should take alternative steps.

When we review your current pension set up, we look at the range of available alternatives – including options abroad for international clients – and advise you on the optimal course of action.

Once you have reviewed the advice, with your authority and where a transfer 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.

Speak to PX for independent pension transfer advice and solutions that are right for you.