Free Pension Transfer Advice
When it comes to a pension you want to invest a manageable amount, typically monthly, in exchange for the largest pension pot possible when it comes to retirement. So, if you feel your pension isn’t performing to the best of its ability, then seeking advice and potentially transferring into a new, more active pension could be best.
There has been an increase in the number of people taking an active interest in their pension in recent years. It’s your money and your future, so it’s important you understand where your money is and how it’s being invested. A qualified and regulated advisor can show you how your pension is performing and explain why investments are, or aren’t, working.
If you have worked and started multiple pensions then you could have several dormant pension (also known as frozen pensions) where you have invested money but they haven’t been managed because you left your employment. The money is still yours – you can decide how the money is managed. You may decide you wish to transfer your pensions and consolidate them into one manageable pension which is being monitored and allowed to thrive.
Final Salary Pension Transfer
You may decide that you wish to transfer out of your final salary pension scheme and you may be receiving an excellent offer to switch. It’s important you consider all of your options carefully alongside a pensions advisor.
However, for many people it’s an excellent opportunity to receive 25% of your pension tax free so you can pay for a luxury purchase or help the family financially.
A final salary pension doesn’t allow you the flexibility to receive your 25% tax free allowance and must be transferred if you wish to access your money.