Things to consider before transferring your pension
Just as there are many reasons to transfer your pension, there are also a number of considerations. Talking to a financial adviser is the best way of finding out if transferring or combining your pensions is the right thing to do. In fact, you can only transfer your pension to us with the help of a financial adviser. Here are just some of the considerations they will look at:
- Guarantees - Some older style pensions offer valuable guarantees that could be lost if transferring to another pension. Some offer an income for the rest of your life or an income and/or lump sum for your loved ones when you pass away. Before transferring, it’s really important to check what your pension offers.
- Fund options – Your current pensions may offer you a fund or funds that are right for you. Whether you transfer or not, it's important to regularly review your fund choices as what was once the right fund to invest in may not longer be.
- Charges – Transferring your pension could actually increase the charges you pay