How can I transfer my pension?
Transferring your pension to another company is a big step to take. It needs looking at from every possible angle, because once you transfer your pension, there’s no going back. We strongly recommend you read our Transfer guide and get financial advice.
The decision to transfer your pension savings is likely to be influenced by a number of things, for example, how close you are to your selected retirement date, or indeed beyond it, or because you’ve found a way to make your money work harder for you.
Whatever you have in mind for your pension savings, it’s important to approach your decision with a financial focus, such as weighing up the financial consequences of a pension transfer. This way you’re more likely to arrive at the best outcomes for you. It’s why we can’t stress enough the importance of getting financial guidance or advice before taking any action. Find out more about a free pension service from the government-backed Pension Wise.
Before you make a final decision, take a look at our pension transfer guide. It will help you weigh up the pros and cons, and what to do should you decide to transfer your pension.
Naturally we want you to stay but if you've been advised to transfer, weighed up all the pros and cons of your decision – including the impact of any charges – and wish to go-ahead with the transfer of your pension, the diagram shows what's involved in the process.
Pension Wise is a useful, free source of independent guidance on how to use pension savings. Not only does their website offer a wealth of information but also for those aged 50 and over, Pension Wise offers a free face-to-face and/or telephone appointment.
No matter the size of pension savings, make the most of this invaluable service.
www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise - 0800 138 3944
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