Pension Review Service
Reviewing and analysing your existing pensions (and transferring them if necessary) is a simple 3 stage exercise. The process is as follows:
- You provide your IFA with the details and authorities to your existing pension plans.
- Your IFA will carry out an analysis of your existing arrangements to see if it would be beneficial for you to retain the benefits in your existing plan or transfer the benefits to an alternative arrangement.
- If a transfer would be beneficial we will undertake all the paperwork on your behalf.
This process should be a seamless from beginning to end and will take approximately 6 to 8 weeks.
Pension Transfer Considerations
One of the most commonly asked questions by anyone contributing to a pension scheme is 'Should I transfer in my previous pension benefits?'
Considerations should be given to the nature of the transferring and receiving schemes and the impact on the underlying investments.
Before advising you we'd need to consider the outcome form the following:
- Do your current plans have expensive charging structures & a lack of transparency?
- Are you in the situation of having an adviser who hasn't been in contact and isn't able to provide specialist transfer advice?
- Does your current adviser who set up you plan still receivine commission from your pension funds but doesn't offer you ongoing financial advice?
- Has the performance of your funds been poor and do you have a current arrangement that doesn't offer a wide range of alternative pension funds?
- Do you have various old personal pensions and wish to consolidate them to make the administration more simplistic?
- Are you approaching retirement and can an alternative provider pay a higher level of annuity income during your retirement than your existing provider?
- Do do not wish to purchase an annuity and would like to access an arrangement that offers an income withdrawal facility?
Before any pension transfers are made you need to take impartial and independent financial advice from an adviser who is suitably insured and regulated by the Financial Services Authority; which we can provide.
Instructing us to facilitate the transfer of your pension funds provides the key benefit of the IFA being insured and a member of the Financial Services Compensation Scheme (FSCS), which will provide consumers with a high level of protection.