Many people end up with a number of pensions in different places, particularly as – unlike in years gone by – we work for several employers during the course of our working life, and so may accrue a range of company pensions.
What can you do with all these pensions? You may want to put them all into one. This option is often what people go for as it makes everything more simple – you’re likely to have more control and greater flexibility. Consolidating into one place makes it clear how much you have saved, and where it is invested.
When could a pension transfer be a good idea?
- You want to consolidate your existing pensions.
- You would like more investment choice.
- Your current pensions are not good value for money.
Final Salary Schemes (DB Pensions)
In most cases, if you have a defined-benefit (or ‘final salary’) pension scheme, it will not be in your best interest to transfer out. This is because these schemes offer a guaranteed income throughout your retirement, and they offer benefits to a spouse or partner once you die.
Here at Hartsfield we are pension transfer specialists. We will look at your case individually and make a recommendation based on what is best for you, drawing on our wealth of knowledge and experience.
If you’re exploring pension transfer options, and would like some expert, bespoke advice, the team here at Hartsfield can help. Please get in touch.
PENSIONS AND TAX PLANNING GUIDE
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INVESTING FOR RETIREMENT INCOME GUIDE
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