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Archive for the ‘Pension Transfer’ Category
Tuesday, September 6th, 2011
Pension transfer is a common term that you may have heard peers or older friends use during a discussion about making their retired life financially secure.
Although the term sounds simple and straightforward, there are some complexities involved in the act of transferring your pension. It is important for you understand what exactly pension transfer means and what its implications are for your retired life.
Learning more about this term well before you reach retirement age will enable you to ensure that you take the right decision regarding pension transfer at the right time.
Pension Transfer Defined
When you move the value of contributions you have made into one pension plan to another, you are opting for a pension transfer. When you do this, you are no longer a member of the original plan.
Every transfer comes with its own set of advantages and disadvantages and these have to be considered in detail before you actually complete the switch over. Many people choose to ask an IFA for advice before a pension transfer to make sure that their decision is correct.
The Three Main Reasons for Pension Transfer
There are three main reasons why one would want to opt for transferring his/her pension. Any of these is a valid reason for the transfer – provided, your assessment of the current plan as well as expectations of the new one are accurate and objective. Lets us learn more about the three reasons:
 A Beginner’s Guide to Pension Transfer Scenario 1: Your pension plan is a company sponsored scheme that is being wound up:
Many employers choose to offer pension schemes to their employees to improve retention and boost employee loyalty to the company.
Sometimes, maintaining such plans is no longer viable for the company or it may make more business sense to offer a drastically different plan. In such situations, the company pension plan you participate in may be headed for closure. If this is the case, you have to transfer the funds accumulated here to another plan wherein you can continue to save for your retirement.
Scenario 2: A cheaper option is available:
When compared with pension plans that were offered, around 10 years back, you have a much greater range of plans in the market today. There are several recent ones that give you the same benefits as your old one but at significantly lower maintenance costs.
Transferring your pension to such a cost effective plan helps you save money without forgoing any of the advantages of your existing one.
Scenario 3: You want to consolidate several smaller pensions into one for easier management:
For those who have several small pension plans or have employer plans from different companies they have worked with in the past, managing all of them can become quite difficult.
Transferring all the smaller pensions into one single plan makes it easier for you to keep track of exactly how much you have saved for your retirement. It is easier to assess the performance of one single plan to see whether your returns expectations are being met.
Transferring your pension is a good choice in any of these three scenarios. However, it is still advisable for you to ask for professional advice from a qualified IFA before you switch. The IFA will help you see exactly how the switch will benefit you and more importantly, he will point out any pitfalls in the pension transfer that you may be overlooking.
Pension transfer is a decision that should be taken after due care and assessment. Learning more about it is the first step to making the right decision about transferring your pension funds.
Tags: advice, pension, pension release, pension transfer, pension transfers, Providers, release pension, specialist
Posted in Pension Transfer
Friday, July 29th, 2011
Your pension is your financial cushion for the golden years of retirement. It is very important for you to get the most of the money you have saved up to make your retirement years financially secure.
 I Need Understanding about pension transfer The kinds of options available with pension plans have changed over the years and so have the fees charged for such plans. Today, you may find pension providers offering a much wider range of investment options at a much lower total cost.
By switching over to such a plan, you can not only save money but also invest your hard earned savings in avenues that offer much better returns or come with lower risk. Such a changeover is called a pension transfer.
When to Consider Pension Transfers?
A pension transfer is not something you should undertake without giving due thought to the outcomes. It should be done only if the switch over will result in significant benefit for you. But in some circumstances, a pension transfer is clearly the best thing to do. For example:
- There may be pension plans available today that come with lower fees and charges than the one you currently save with. Switching over to a cheaper plan lets you save even more for your retirement years.
- You can move to a pension plan with a wider range of investment options or greater flexibility with investing. A wider choice of investments makes it possible for you to choose investments that are more closely aligned with your risk appetite and returns expectations.
- You may want to consolidate your savings into a single pension plan from a number of smaller ones. Individuals who have changed several jobs usually end up with many different plans, each offered by an employer. Keeping track of your pension and assessing its performance is far easier when you opt for a pension transfer into one single plan in this case.
Other than this, occupational pension plan holders will have to switch over to an alternative plan if their company’s plan is being revoked. Some companies even allow employees to consolidate their personal pension plan with their occupational plan using a pension transfer.
Other Aspects of Pension Transfers
There are some important points to keep in mind with pension transfers. The first is that State Pension benefits cannot be transferred in this way. It is only your personal pension plan programs, stakeholder’s pension and company pensions that can be switched over into other, more attractive plans.
Most people take the advice of an independent financial advisor to determine if a pension transfer is the right thing to do. Independent financial advisors (IFAs) are regulated by the FSA and are bound to give you impartial guidance in this matter.
Taking advice from an IFA will ensure that you use your pension funds in a way that will give you the most benefit in your retirement years. There are some important rules to be followed with regard to pension transfer and your IFA is the best person to keep you informed of these.
Only when you carry out the transfer in accordance with legal requirements will you be able to enjoy the full benefit of your hard earned savings in your retirement years.
Tags: pension advice, pension release, pension specialist, pension transfers, pensions, transferring pensions
Posted in Pension Transfer
Thursday, July 14th, 2011
Your pension is one of your most valuable assets yet so many people abuse or neglect what they have. You spend years and year building up a fund which will support you once you end employment and enter retirement, yet how often do you check up on it? Sometimes you need to consider a pension transfer to make sure you are getting the most out of your fund.
Need more information with pension transfer Some pension providers charge a lot more than others in retirement fees, some will provide shocking standards of customer service, and some investments just will not be working for you. Whatever your reasons for considering transferring your pension, it is essential that you do a little market research.
A pension transfer is a serious financial decision as it does have some risks attached to it, but if it is right for you, it could add thousands of pounds to your retirement income.
Before stakeholder pensions were introduced by the government, there were different pension structures which were associated with very high management fees. Some of these plans are still in force today, so if you have an old pension, it is very possible that you are being over-charged and losing a lot of money. In this case it would often be recommended by an independent financial adviser that you consider a pension transfer.
Sometimes pension transfer can result in you losing money, receiving less benefits and other negative outcomes due to the new pension provider not offering a true picture of their services. It’s also possible that you may have accidentally overlooked some information from the new provider.
Whenever you look at transferring your pension to another provider you need to ensure that you are fully informed and have researched the market and provider. There are many different schemes available so shopping around to find one that suits you is important.
Transferring pensions is not something that should be avoided, but you simply need to seek specialist independent pension advice first.
Contact Pensionlite on 01952 279 379 for more information on pension transfer
Tags: annuities, pension, pension performance, pension plans, pension release, pension transfer, review
Posted in Pension Transfer
Monday, June 13th, 2011
If you want to leave your current pension scheme but still want to make contributions to your pension then you could consider transferring your pension to another scheme.
 Is pension transfer ideal for me. Pension transfers are ideal if your current scheme charges high fees or has poor investment performance or is no longer suitable for you.
If you have multiple pension funds with various providers, transferring pensions to one scheme may be ideal to help consolidate your pension.
Cheaper Pension Schemes
If you’re with a pension provider that charges high fees or commission on your contributions, such as companies that use old pension structures (before stakeholder pensions were introduced), then transferring pensions to another provider can save you extra charges.
You don’t always have to stay with your current scheme and, in many cases, a pension transfer is a viable option.
Alternative Package
Even if you’re not being charged excessive amounts from your current pension provider you may find you’re unhappy with the service you receive or the scheme in general. Pension plans vary significantly for different providers; if your circumstances have changed over the years you might find that your current pension provider may not be suitable anymore.
You can choose which pension provider you wish to transfer to, if the provider allows pension transfer, and could be looking at various new options that could really benefit your retirement if you shop around for the right plan.
Risky Pension Transfers
In some cases, transferring to another pension provider could result in less benefits and financial loss. The provider you transfer to may not meet expectations, or may not have provided a “full” picture for you to make a well-formed decision.
You may lose some benefits offered by your current scheme and gain little from another provider, or overlook important fees, charges or other legal information which could leave your worse off.
Your pension is a valuable asset and provides you with a secure future.
Transferring pensions should be well-informed, researched decisions; if you’re trying to find a better pension scheme, you’ll need to shop around and find the best on the market.
Pensionlite could help you decide whether you should transfer your pension or stay in your current scheme. There’s a lot to consider before transferring pensions; your current scheme may need to be reviewed by expert advisors, who can then provide recommendations for other schemes that fit your circumstances and will benefit you in the long run.
We can also provide expert advice on other pension schemes you’re looking to transfer your pension to; if you’ve overlooked any information, or we think transferring your pension to a particular alternative is risky, we’ll be sure to let you know.
Tags: pension, pension release, pension release advice, pension review, pension transfer, transfer your pension
Posted in Pension Transfer
Tuesday, June 7th, 2011
Pension transfers are the process of transferring (switching or changing) the value of your pension contributions from one pension scheme to another.
Transferring a pension can be a complicated procedure; you may not be sure if a pension transfer will benefit you, or whether you can transfer your pension at all.
There are often strict rules to govern pension transfers to protect you; always seek specialist advice regulated by the Financial Service Authority (FSA) and look for an FSA registered company to oversee a pension transfer.
Why Would I Transfer My Pension?
Everyone’s circumstances and retirement plans are unique. Not even will benefit from a pension transfer, and there are certain regulations in place to protect people from transferring certain pensions if they would lose a significant amount of money.
If you have a company pension scheme, you may wish to transfer your pension if your current company scheme is being wound up, or the company is going into administration.
If you have a final salary pension, you may not be able to transfer your pension once the company has gone into administration; however, you should be protected by the Pension Protection Fund if there are insufficient assets in your company’s pension scheme.
You may want to transfer your pension if your current pension provider is charging high fees, or no longer provides a scheme that suits your retirement needs.
Additionally, you may want to transfer a personal pension scheme to an occupational pension scheme, which benefits from employer contributions and lower fees (if you are eligible and your employer allows this).
Can I Transfer Any Pension?
Not all pensions can be transferred. A State Pension can’t be transferred and you can’t transfer your pension if you are within one year of your pension scheme’s retirement age.
If you receive a final salary pension, which rises in line of inflation, you can’t normally transfer your pension.
Most types of occupational and private pension schemes are transferable – however, you should always have your current pension scheme professionally assessed by an FSA regulated company as some exceptions may exist, particularly for public sector workers.
How Will I Know a Pension Transfer is Right?
There are a lot of factors to consider when thinking about a pension transfer. You should always seek professional advice from a pension specialist, who is regulated by the FSA.
Although the final decision to transfer a pension is yours, you may receive invaluable advice from specialists; they can tell you exactly how a pension transfer will benefit you, what charges may be incurred, assess whether transferring your pension is the correct course of action for your circumstances, provide a clear overview or transfers or help regulate the transfer for you.
Pension&Investor Lite can provide professional advisors to guide you through the basics of a pension transfer – you’re not obliged to follow any advice or recommendations.
You can have your current pension assessed and reviewed, with your future retirement plans and current circumstances taken into consideration.
Our specialist advisors will recommend a pension transfer only if it suits your needs.
You can also agree to have your pension scheme reviewed regularly, in case your needs change.
With frequent additions and changes to pension regulations or structure, contacting a professional pension specialist like Pension&Investor Lite could review your outdated pension scheme and help you transfer to a cheaper plan; we provide you with the information, the facts, offer an informed recommendation to help you make the right decision and help you decide whether or not a pension transfer is right for you.
Speak to one of out pension transfer specialist now!
Tags: pension specialist, pension transfer, pensions, retirement
Posted in Pension Transfer
Thursday, May 26th, 2011
Pension transfers are the process of transferring (switching or changing) the provider of your pensions.
 How Will I Know a Pension Transfer is Right? Transferring a pension can be a complicated procedure; you may not be sure if a pension transfer will benefit you, or whether you can transfer your pension at all.
There are often strict rules to govern pension transfers to protect you; always seek specialist advice regulated by the Financial Service Authority (FSA) and look for an FSA registered company to oversee a pension transfer.
Why Would I Transfer My Pension?
Everyone’s circumstances and retirement plans are unique. Not even will benefit from a pension transfer, and there are certain regulations in place to protect people from transferring certain pensions if they would lose a significant amount of money.
If you have a company pension scheme, you may wish to transfer your pension if your current company scheme is being wound up, or the company is going into administration.
If you have a final salary pension, you may not be able to transfer your pension once the company has gone into administration; however, you may be protected by the Pension Protection Fund if there are insufficient assets in your company’s pension scheme.
You may want to transfer your pension if your current pension provider is charging high fees, or no longer provides a scheme that suits your retirement needs.
How Will I Know a Pension Transfer is Right?
There are a lot of factors to consider when thinking about a pension transfer. You should always seek professional advice from a pension specialist, who is regulated by the FSA.
Although the final decision to transfer a pension is yours, you may receive invaluable advice from specialists; they can tell you exactly how a pension transfer will benefit you, what charges may be incurred, assess whether transferring your pension is the correct course of action for your circumstances, provide a clear overview or transfers or help regulate the transfer for you.
Pensionite can provide professional advisors to guide you through the basics of a pension transfer – you’re not obliged to follow any advice or recommendations. You can have your current pension assessed and reviewed, with your future retirement plans and current circumstances taken into consideration
 Why Would I Transfer My Pension? Pensionlite specialist advisors will recommend a pension transfer only if it suits your needs. You can also agree to have your pension scheme reviewed regularly, in case your needs change.
With frequent additions and changes to pension regulations or structure, contacting a professional pension specialist, like Pensionlite, wiill enable you to review your out-dated pension scheme and help you transfer to a cheaper plan; Pensionlite provide you with the information, the facts, offer an informed recommendation to help you make the right decision and help you decide whether or not a pension transfer is right for you.
For more information about pension transfer click here.
Tags: pension, pension advice, transfer, transfer your pension
Posted in Pension Transfer
Friday, April 22nd, 2011
To most people the thought of a pension transfer sends shivers down their spine, and dread of long, complicated, expensive processes.
 However, these claims are unfounded and Pensionlite can guide you through entire the pension transfer process without any unnecessary hassle or expense.
Why would I want to transfer my pension?
What you receive in pension income is determined by four basic things. How long you invest for. How much is invested in your pension by you and possibly your employer.
What the charges are for running the pension. How the money is invested and how good the returns are. As in all walks of life there are good and bad. If you are unsure about any of these things a review is a sensible course of action and possibly a transfer.
How do I know if I need a pension transfer?
There is no way to automatically know that your pension is the right plan for you, but if you are unsure, contact an independent financial adviser at Pensionlite. We can carry out a full pension review to assess how your pension investment is doing compared to other plans on the market.
There are a number of reasons why your adviser may recommend that you transfer your pension to an alternative scheme.
How do I go about transferring my pension?
First of all, you will need to take advantage of Pensionlite’s free, independent, no obligation, pension review and recommendation service. This can be done by post, e mail and telephone and carried out by one of Pensionlite’s friendly pension experts.
Your adviser will consider a number of factors such as your personal details, financial circumstances, attitude to risk, aspirations and current arrangements and will then explain what you should consider in writing in the form of a report. You can then take your time before deciding on any course of action.
Isn’t pension transfer expensive?
Yes it can be and you need to ensure you are getting value for money. As with other walks of life there are people that will happily overcharge you.
There are some costs involved in transferring a pension from one scheme to another but at Pensionlite these fees or commissions are taken into account fully before any recommendations are made.
Unless your adviser genuinely believes a transfer is in your best interests you will be recommended to leave things as they are and why. You will be given the choice of paying for any service in the form of a fee of by a commission deducted from your pension.
There is no need for you to pay upfront to get a more favourable pension arrangement.
Act now to protect your retirement!
Pensionlite can help.
Our Free, Independent, No Obligation Retirement Reviews are designed to put you in a position of knowledge before you make any decisions.
It will not cost you a single 1p to accept a pension review & recommendation report tailored to you, your circumstances and aspirations.
What have you got to lose?
Pensionlite carries the prestigious status of Chartered Financial Planners.
Our Chartered status, granted by the Privy Council, is our industries gold standard for financial planners and is currently held by less than 300 firms across the country.
This status brings with it serious obligations to ensure the advice, service and ongoing support we provide for you is of the highest quality, based solely on your researched needs and provided by someone of appropriate competency.
 We offer whole of market choice and have no links or ties to any single business or organisation.
Our aim is to provide our clients with tailored solutions, created by advisers with particular skills and specialist qualifications.
Our advice process is always to gather a full understanding of our client’s needs, circumstances and aspirations together with detailed analysis of any existing arrangements and make written recommendations before any decisions or actions are taken.
We provide free, independent, no obligation review and recommendation reports covering all aspects of our specialist areas of work.
Knowledge is power and unless you know, how can you decide on a course of action.
We look forward to being of service.
To contact us telephone 01952 279 379, e mail enquiries@pensionlite.co.uk for more information about pension transfer.
Tags: pension transfer, transferring your pension
Posted in Pension Transfer
Friday, April 15th, 2011
It seems that current society has hammered the nail into the coffin of a ‘job for life’, as new research from Mintel shows that one in three people stay in a job for less than two years.
 I can hear you wondering what this has to do with pension transfer… With the mentality of older generations quickly disappearing, pension planning has had to keep up with the times.
Instead of the maximum benefits and an old style employee pension that most of our parents or grandparents probably receive, we will make do with the numerous pensions we have built up from the various jobs we did throughout our life.
If you have left your employment to start work with another company, or perhaps you have even decided to become self-employed, the chances are you have left behind a pension with the company.
This will continue to be managed by the company until you access the funds in retirement. If you leave your pension as it is, and do not transfer it, you are dependent on the employer managing your pension effectively.
Of course, you could leave your pension to grow with your old employer, but if you were to transfer pension funds over to a new personal pension plan, you would have a lot more control over how your future income is managed.
This is always something worth considering, particularly because many employers will even offer you cash incentives to transfer your pension.
When considering pension transfer, it can be very difficult to assess how much your pension fund is actually worth, and whether it would be beneficial to transfer.
Independent financial advice
As with any major financial decision, pension transfer is not to be taken lightly, so it is essential that you seek expert advice. Only by discussing your needs and personal circumstances with an Independent Financial Advisor can you make this decision.
Offers
As mentioned, some employers may well offer your cashback incentives and other offers to try and persuade you to transfer your pension. However, if you are drawn in by these, rather than pension transfer being a suitable option for you, you might end up making a huge mistake.
Risk
Make sure you ask a financial adviser to assess your attitude to risk before transferring to a personal pension. Pensionlite will do this for free.
Pensionlite carries the prestigious status of Chartered Financial Planners.
 Our Chartered status, granted by the Privy Council, is our industries gold standard for financial planners and is currently held by less than 300 firms across the country.
This status brings with it serious obligations to ensure the advice, service and ongoing support we provide for you is of the highest quality, based solely on your researched needs and provided by someone of appropriate competency.
We offer whole of market choice and have no links or ties to any single business or organisation.
Our aim is to provide our clients with tailored solutions, created by advisers with particular skills and specialist qualifications.
Our advice process is always to gather a full understand our clients needs, circumstances and aspirations together with detailed analysis of any existing arrangements and make written recommendations before any decisions or actions are taken.
We provide free, independent, no obligation review and recommendation reports covering all aspects of our specialist areas of work.
Knowledge is power and unless you know, how can you decide on a course of action.
We look forward to being of service.
To contact us telephone 01952 279 379, e mail enquiries@pensionlite.co.uk to transfer your pension.
Tags: Pension Reviews and Transfers, pension transfer, transferring your pension
Posted in Pension Transfer
Wednesday, March 9th, 2011
Transferring a pension is not an exercise for the faint-hearted and you should always seek specialist advice before taking any action. There are numerous types of pensions available and many products available within each type of pension on the current financial market, so it is important that you are fully aware of what is on offer to you.
 The range of plans can leave some people in doubt over what is right for them. However, the majority of people consider pension transfer when leaving employment or after having spotted an advertisement offering rates better than their own.
If you are considering your pension options, make sure you seek advice from a specialist pension advisor.
Pensionlite are an independent financial advisory firm, directly authorised and regulated by the Financial Services Authority (FSA) with a team of pension specialists on hand to provide you with professional financial advice and guidance.
Too many people undergo pension transfer after seeing alternative offers but… a lack of specialist understanding on the part of the pension holder could make the situation a whole lot worse. Pension plans can be very complicated, and the details are often not understood by most people.
If you are unhappy with your existing pension plan for any reason, or are unsure if your pension plan is right for you, an advisor from Pensionlite can determine whether a pension transfer would have a positive impact on your fund.
It is important that you are fully prepared for your retirement and by ensuring that your plan is working for you investment you will ensure a secure financial future. By establishing any weaknesses in your existing plan, and weighing up the positives and negatives of any alternative plans, your advisor will be able to over the pension transfer process.
Pensionlite are able to carry out this pension review completely free of charge and without any obligation. By providing clients with impartial advice, you may be able to get better value by transferring your pension.
Many people think that the pension transfer process is very complicated and complex, but with the help of qualified financial advisor specialising in pensions, they should be able to organise the whole process successfully. Any fees or charges resulting from the pension transfer process will be explained to you at every step.
Although there is a charge for undertaking pension transfer it is essential that you secure the correct pension as this could improve your annual income during retirement by thousands of pounds.
 Pensioners lose out on millions of pounds every year by not fully understanding their pension plan and retirement options – don’t be one of them. By preparing for your retirement as early as possible and seeking professional advice you can plan for your future and achieve the retirement lifestyle you have always wanted.
If you have any doubts about your pension plan, contact an advisor at Pensionlite today to discuss the pension transfer process and establish if it’s the right path for you to take.
Pension&Investor Lite carries the prestigious status of Chartered Financial Planners.
Our Chartered status, granted by the Privy Council, is our industries gold standard for financial planners and is currently held by less than 300 firms across the country.
This status brings with it serious obligations to ensure the advice, service and ongoing support we provide for you is of the highest quality, based solely on your researched needs and provided by someone of appropriate competency.
Pension & Investor Lite, is an Independent Financial Adviser firm, Directly Authorised and Regulated by the Financial Services Authority, specialising in Pensions & Investment.
We offer whole of market choice and have no links or ties to any single business or organisation.
Our aim is to provide our clients with tailored solutions, created by advisers with particular skills and specialist qualifications.
Our advice process is always to gather a full understand our clients needs, circumstances and aspirations together with detailed analysis of any existing arrangements and make written recommendations before any decisions or actions are taken.
We provide free, independent, no obligation review and recommendation reports covering all aspects of our specialist areas of work.
Knowledge is power and unless you know, how can you decide on a course of action.
We look forward to being of service.
To contact us telephone 01952 279 379, e mail enquiries@pensionlite.co.uk
visit our web site www.pensiponlite.co.uk and send us a message that way we can help you with your pension transfer.
Tags: pension allowance, Pension Reviews and Transfers, pension transfer, pension transfers
Posted in Pension Transfer, Transferring Pensions
Monday, January 24th, 2011
The sheer range of pension plans available across the financial sector can leave pension holders and those seeking to start an individual pension with some doubt over which pension plan will best suit their circumstances and whether the pension they already hold truly is the right one for them.
 Those that are not totally happy with their existing pension should seek professional advice and obtain a pension review to determine whether a pension transfer would be beneficial.
Pensionlite are independent financial advisers, regulated by the Financial Services Authority (FSA), who have the expertise to offer you specialist pension advice and guidance so that you can make the right informed decision about your pension and retirement plans.
They will thoroughly review your current pension plan, free of charge and without any obligation and use their in depth knowledge to highlight alternative pension options which may make your fund work better for you.
In a time of economic uncertainty it is important that people plan for their retirement with great care, setting in place a pension scheme which will ensure the utmost financial security during their later life.
The size of your pension fund will significantly impact upon your quality of life after you finish work so it is never too early to begin seriously planning for your retirement and researching the pensions available to identify the plan which fits your current situation.
However, many people naturally find their financial situation and personal priorities change over the course of time, which means they often feel their pension plan is unsuitable or that a different pension plan on the market will deliver superior benefits or lower charges.
In such cases a discussion with a Pensionlite adviser will help you review any weaknesses in your existing arrangements, weigh up the pros and cons of any alternatives and, should you decide on a pension transfer, the Pensionlite adviser can arrange and oversee the pension transfer process.
Pensionlite will review your pension free of charge and without any obligation, offering impartial guidance on how you can get better value from your pension.
The pension transfer process can be off putting due to its perceived complexity, but a Pensionlite pension adviser will organise the process, explaining what the pension transfer entails while using their specialist market insight to complete the pension transfer process successfully.
Any charges resulting from the pension transfer will be broken down and explained, ensuring you are kept updated throughout the process.
It is impossible to adequately highlight the importance of securing the correct pension for you. Investing a few minutes of your time now will pay dividends in the future and help you to avoid disappointment if your current pension plan fails to meet your needs.
If you have doubts about your pension plan speak to Pensionlite today and begin the 3 simple step process to find out what is good, bad and indifferent before deciding on any course of action.
Tags: transferring your pension, want to transfer your pension
Posted in Pension Transfer
Sunday, December 5th, 2010
Transferring pensions can indeed be a tricky exercise and certainly demands specialist advice to be sought before taking decisive action. There are a huge number of pension products on the financial market, with each one offering its own specific set of features.
 Often an individual will accidentally have their attention caught by a pension plan advertised in the media, or recommended by word of mouth, which appears superior to their existing pension.
If this happens to you there is no need to worry, as a pension review by a specialist pensions adviser is easy to arrange and, if you finally decide that the alternative pension plan you have discovered does indeed suit your retirement plans and financial circumstances better, transferring pensions is relatively painless with the assistance of a dedicated specialist.
There are a surprising number of people who consider transferring pensions after comparing alternative pension options.
One major factor in this is the lack of understanding on the part of the pension holder when they first take out an individual pension of what exactly they will be getting from their pension plan, how their money will be made to work for them.
Pensions are relatively complex and many find the finer details of pensions a little too complicated to fully fathom.
Many rely solely on the advice of the salesperson to guide them. Unfortunately, this can sometimes lead to a person purchasing a pension plan which isn’t entirely correct for their financial situation and their retirement plans, or least one which might have been improved if a clear and stronger understanding had been forged between the salesperson and pension customer.
After a long career people wish to spend their retirement focussing without restrictions on realising their remaining dreams and simply enjoying their life in carefree comfort, leaving the worries of financial repayments and related concerns far behind them.
The right pension can help individuals achieve this and it is never too early to reconsider your existing pension and obtain a thorough specialist review. It is common sense to weigh up alternative options and talk with a pensions adviser about the process involved with transferring pensions.
A specialist pensions adviser will offer independent and impartial advice, using their in depth knowledge of financial products to help you gain an insight into the different benefits of various pensions, while taking your current financial situation and plans for the future into account.
Each person’s individual financial situation and plans for retirement are different, but the sheer range of available pensions means that, with the right kind of advice and guidance, everyone should be able to find the correct pension.
This can ensure the happy retirement which every hardworking elderly person has earned and thoroughly deserves. Remember not to feel you must change your plans to suit available pension schemes. Take time over finding that ideal pension which suits your personal requirements.
Furthermore, if you already possess a pension you now feel is inadequate, do not hesitate to seek advice on transferring pensions from a specialist who can help you through the process from beginning to end.
Tags: advice, lite, options, pension, pensions, release, review, specialist, transfer, transferring, uk
Posted in Pension Transfer
Friday, December 3rd, 2010
Pension transfer will not be for everyone, but it is an option everyone should know about. The complexity of pension plans can cause many people, even those with a sound understanding of finance, to feel a little trepidation when looking back over their current pension plan and asking the question: “Am I really getting the most for my money out of this plan?
 Is it really the most suitable pension scheme for me?” Needless to say, many lack the confidence and knowledge of pension schemes to answer the question, which makes it even more important for those with doubt over the strength of their pension plan to seek professional independent advice from a specialist pensions adviser.
Pensions advisers are there to help you understand exactly what your current pension plan will provide in your retirement and whether a superior pension plan exists which could provide a more substantial financial nest egg in your twilight years.
Little is more important during retirement than financial security and peace of mind, which a strong pension plan tailored to your specific requirements can provide.
If an individual discovers a pension plan that will work better for them, there is always the option of a pension transfer, which a specialist pensions adviser can organise after careful consideration of the individual’s financial details, to ensure the pension transfer is suitable and in the pension holder’s best interests.
The current economic climate and widespread debt means it is more vital than ever before to secure a pension scheme which will deliver the financial security necessary to enjoy retirement in deserved comfort.
A specialist pensions adviser will break down your current pension plan and compare it with other plans available to give a rigorous evaluation of whether you hold the pension plan most suited to your financial circumstances and future retirement plans.
Everyone desires their retirement years to be without stress. It is therefore wise to ensure you have the correct pension plan in place.
Many feel hesitant about entering into a pension transfer because it can appear to be an extremely difficult and complicated process, but a specialist pensions adviser will assist with the pension transfer process, should they feel that your current pension plan is significantly less suited to your retirement plans than another available pension plan.
The decision to go ahead with a pension transfer is an important one, but ensuring you have the finest pension plan in place now rather than later is obviously common sense.
Many specialist pension advisers will assess your pension plan without any upfront cost or obligation to go ahead with the pension transfer should you feel any uncertainty over which pension plan best suits your needs.
Take time over your decision, gain as much advice as you can and weigh up all your options. Securing the best pension plan can truly make a vast difference to your quality of life when you enter retirement and help you live out the rest of your days without stress or financial restriction.
Tags: investor, lite, options, pension, pensions, Providers, release, review, specialist, transfer, transferring, transfers
Posted in Pension Transfer
Friday, October 29th, 2010
It is a fact that many pension plans are expensive, poor performing and do not provide good value for money.
You may be considering transferring your pension but you need to make sure you are not jumping out of the frying pan and into the fire.
If you have a personal pension, stakeholder, with profits pension, group personal pension, or money purchase pension you are more likely to be in a bad rather than good one.
Whilst the government is trying to save money we as individuals need to take stock and check that we are getting value for money. This is certainly the case with pensions.
 If you started your pension before April 2001 it is likely that you have a product that has high charges. In April 2001 Stakeholder pensions were introduced with the aim of providing cheaper simpler plans to a broader audience.
Whilst this was a good move to drive down charges the products themselves were less flexible and offered fewer choices, particularly investment options. The reduction in charges came at a cost.
If you started your pension after April 2001 it is likely that you will have a plan with stakeholder benchmarked charges BUT one that will have produced poor investment returns.
Usually if you are unsure about the performance of something you get in touch with the person or place that you purchased it from. In the field of pensions unless that source is an independent one you will be calling your pension provider and they can only tell you about their own product.
You are likely to be fobbed off if you question the charges and investment performance because that provider cannot tell you about any other pension options that are available.
You need to get your pensions independently reviewed. If you have got a good one an independent source will be happy to tell you this is the case and explain why. This should put your mind at rest. If you have a bad one you will find out and be offered some advice on how to make changes.
 A comprehensive independent pension review will be carried out by specially qualified pension advisers. They will obtain all of the available information about your existing pension arrangements, including details of the charges and investment performance.
This information along with any special scheme benefits, rules and conditions will be compared to what is currently available within today’s independent pension market place.
Then, taking into account the scheme information and your personal views, concerns, attitudes and aspirations a tailored review and recommendation report should be produced for your consideration before any action is taken.
If the recommendations are to stay with your existing scheme and or make certain changes to what you already have then you will be told how and why. If the recommendations are to move your scheme you will be told why and where the adviser believes you should move it to.
This advice will include not only why a particular provider has been selected but also what specific funds you should invest in to match your risk profile, age and planned retirement date. If you have several schemes each one should be reviewed separately and any recommendations should cover each individual policy.
You should not be under any obligation to follow the advice or recommendations.
If you do transfer your pension then in future years your pension policies and any new contributions should be reviewed and re-assessed to ensure they continue to perform efficiently and in line with you and your circumstances. Life moves on, things change and your pension must move with you.
Considering transferring your pension will be of particular interest if any of the following apply to your scheme or schemes
- A Personal Pension
- A frozen Personal Pension
- A With Profits Personal Pension
- A Personal Pension with a company that may be overpriced
- A Personal Pension where the provider no longer sells new pensions
- A Company Pension with an employer who has ceased trading
- A Company Pension which is being closed or changed
- Been or getting divorced
 Pension charging structures have changed dramatically over recent years. Due to the introduction of stakeholder pensions the charges applied to new Stakeholder benchmarked plans are far lower than in the past. Many individuals now find themselves with outdated, overpriced pension contracts. It may be possible to transfer to a cheaper plan with the same provider.
Investment returns on many pension plans have fallen well short of what has been achieved in the open market.
With Profits personal pensions have generally performed even worse than the poor performing unit linked ones with little or no bonuses being added in recent years. Many of these funds have already ‘spent’ all or most of their reserves subsidising bonus rates declared to investors over the last few years when falling equity markets have resulted in negative returns to the fund itself. With Profit Pension Plans need reviewing immediately.
Companies that may not have changed the charging structure of old style personal pensions are:
- Abbey Life
- Allied Dunbar
- AMP, Britannic
- Canada Life
- CIS
- Eagle Star
- GE Life
- General Portfolio
- Halifax Life
- HSBC
- Laurentian
- Liverpool Victoria
- MGM
- Nationwide
- National Mutual
- Pearl Assurance
- Royal Liver
- Royal London
- Scottish Life
- Skandia
- Swiss Life
- Winterthur
- Zurich
With Profits Pensions – The Truth Of Why You Need To Act Now
With Profit funds, which were once a popular and seemingly secure way of investing into Pensions, have been in decline for some time as insurers continue to cut maturity payouts.
Whilst these funds continue to raise concerns with our Regulator, the Financial Services Authority, and investors alike the first rule is not to act in haste. One needs to check if there are any guarantees, maturity bonuses and periods when funds can be accessed or transferred without penalty. A review of these funds is a must.
Tags: investor, lite, pension, review, tranfers
Posted in Pension Transfer 1 Comment »
Saturday, September 11th, 2010
To most people the prospect of transferring pensions will seem like an incredibly time consuming and stressful exercise to be avoided at any cost necessary.
However, transferring persons need not be such a terrible experience and in fact many people, including myself, found a pension review and the eventual pension transfer extremely beneficial for their financial wellbeing and security in retirement, the central concern of everyone coming to the end of their working life and entering into their twilight years.
I had suspicions that I had been too hasty when taking out my original pension scheme. The pension plans explained to me by the providers I consulted sounded very complex.
It’s easy to get a little befuddled when met with such a large amount of financial information, especially if you have no real knowledge of the ins and outs of the financial services market. I had chosen the pension scheme I felt was right for me, but looking back I perhaps didn’t have the firm understanding of the pension scheme I had originally convinced myself I possessed.
My friend and I were discussing this one day and she suggested I consult a specialist adviser. It means a lot to go to bed at night happy in the realisation you have the right pension plan in place for you. In fact it means everything when you reach a certain age.
Some fears become amplified and I recall at the time I was particularly worried about whether the pension scheme I was paying into could provide the protective and secure retirement I longed for after a career spent caring for other people.
I was a little nervous approaching a specialist adviser, my financial service knowledge is slight to say the least, but I soon realised they were there to help rather than engulf me with further complexity.
Taking the full spread of my personal details, financial circumstances and attitudes into account, the adviser simply explained what transferring pensions entails and completely reassured me that the advice that they would give would be targeted at providing me with an alternative pension plan which would greatly benefit my financial situation in retirement – if, of course, a better scheme was found.
Identifying some weak points in the scheme I had in place, the specialist adviser searched the pensions schemes being offered on the market, contacting me with details of the review and detailing simply but exactly the process involved in transferring pensions.
I was relieved to hear the cost which can arise from transferring pensions can be covered by the payments eventually made into any new scheme which is entered into, meaning no cash sum was due upfront should I choose to transfer.
It was a big decision to make, but I put far more thought into the benefits of transferring pensions than I neglected to put into entering my original pension scheme.
Often, we fail to realise the importance of the financial decisions we make, but this wasn’t the case when I joined the large number of people who have gained greater peace of mind and vastly improved financial security in retirement through transferring pensions.
Yes, I changed provider and scheme, safe in the knowledge I had been presented with a clear and independent menu of options designed to benefit my circumstances and quality of life in old age.
Tags: lite, pension, retirement, transferring
Posted in Pension Transfer Comments Off
Tuesday, September 7th, 2010
Pension transfer was something I had no knowledge about. I take my finances very seriously, but pension plans and schemes are extremely complex, particularly for the layperson not working in financial services, so without the required specialist knowledge a person will rarely question whether they are getting the most out of their personal plan, or that a significantly better plan might be available to them.
This is a mistake and quite honestly I feel it is a person’s right to know if their pension scheme isn’t making their hard earned money work for them. After a long working life a person wants to rest assured everything they put away is creating the safest, secure and stress free life for them as they enter retirement.
Old age should bring a period of rest, comfort and calm, so the pension you pay into is vitally important, something you genuinely rely on for your financial peace of mind when you finally decide to retire.
I decided to consult a specialist adviser, not particularly with a pension transfer in mind, but with the simple goal of finding out whether the pension scheme I had entered into truly was the best for me, as I had read an article in the paper arguing the need for people to ensure they had the correct scheme.
Dire times arising from the recession had no sign of being resolved, the change of government hardly bolstering confidence in the country’s ability to resolve the terrible situation.
The specialist adviser went through all my personal details and my pension plan with me thoroughly, breaking down the pension structure and analysing exactly how my money was working for me, identifying possible areas for improvement.
The specialist adviser listened attentively to my concerns, weighed up my circumstances and looked over my investments, getting the clearest possible picture of my financial position.
Taking these details and the identified areas of my pension which represented possible targets for improvement, the specialist adviser used their database and formidable knowledge of the current pensions market, comparing my plan against alternative schemes and gauging whether a pension transfer was a potential, sensible and beneficial option.
A pension transfer is a huge step and change to make, but the specialist adviser understood that, settling my nerves, making it clear they were looking for ways to improve my situation, with no upfront cost or obligation to go forward with a pension transfer.
Eventually, we pinpointed a particular provider whose pension plan would be a significant improvement over the scheme I currently had in place.
The results of the review gave me a lot to consider, but I elected for a pension transfer after careful consideration, certain that the pension transfer represented a wise and positive action toward securing a completely stress free retirement, which like many people I feel entitled to after a lifetime of working hard and providing for my family. It was time to provide for me.
Pension transfer is not for everyone, but a specialist adviser will help you decide whether it will benefit your particular situation without obligation or cost. It was certainly right for me and has delivered genuine peace of mind, which is priceless in old age.
Tags: adviser, lite, pension, specialist, transfer
Posted in Pension Transfer
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