Updated: June 25, 2019

Getting the Best Pension Transfer Deals

Read through our guide to find out how to get the best possible outcome on a pension transfer

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Tony Stevens

Author: Tony Stevens - Finance Expert

Updated: June 25, 2019

Over the past few years, pension transfers have been breaking records year on year, an increase that was driven by the introduction of the government’s Pension Freedoms measures in 2015. At the time of writing, pension transfer enquiries are now at an all-time high.

Why transfer your pension?

There are various circumstances which might lead you to want to transfer your pension, including:

  • Your current scheme is performing poorly or is at risk of doing so
  • The level of risk is too great for your appetite
  • Your current provider does not offer the investment option you want
  • You want to combine numerous pension pots for simplified management
  • You want to reduce the cost in fees payable
  • You want a better income from your pension
  • You are moving overseas and want your pension in the domicile of your residence

All of the above are valid reasons why you would want to look at alternative pensions to transfer to. However, it is really important to know yourself what you are looking for because that will determine what is the best pension transfer offer for you and your circumstances.

A pensions expert can advise you on the best transfer decision based on your circumstances and retirement income goals. Get in touch and we’ll match you with one of the pension specialists we work with.

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Where is the best place to transfer my pension to?

Where you should transfer your pension to will come down to what you are trying to achieve. If your main aim is to have more control over where your pension pot is invested, you could consider transferring to a self-invested personal pension (SIPP).

If you want to simplify your pension schemes and have multiple pension pots you’d like to hold in one place, you would need to consider the type of underlying investment your pension saving will be held in. This is particularly true if you are nearing retirement, when you may want to pick a pension fund known to make cautious investment strategies.

Another option may be to transfer any existing pension savings you have into a pension scheme which comes with a new job.

To ensure you’re making the best decision when it comes to transferring your pension savings, talk to one of the experts we work with. They will discuss all your options and give you the best advice based on your age, your retirement goals and your appetite for risk.

What is the best way to transfer my pension?

The best way to transfer your pension is to speak to a pensions expert. If you want to speak to an expert for the right advice, call us today on 0808 189 0463 or make an enquiry.

The independent pensions advisors we work with will look closely at your retirement needs and personal circumstances and help you find the best solution, based on what you’re hoping to achieve. They have whole-of-market knowledge and can introduce you to the right scheme provider, as well as offer bespoke advice every step of the way.

How do I compare pension transfer deals?

Knowing what you should be comparing when looking at a pension transfer comparison is crucial, just like doing any other product comparison. Below are a few things to consider whilst comparing the best place to transfer a pension.

  • Do you want something with low fees?
  • Do you want more flexibility?
  • Do you want more investment options?
  • Do you want higher risk options?
  • Do you want to be hands on or would you prefer someone else manage it?

These are just a handful of things that require consideration before starting a pension transfer comparison. It could be a good idea to rank in order from first to last on what is most important to you for you new pension – this will help and save a lot of time.

If the most important thing to you is low fees then you know you can start by comparing the providers with the lowest fees and work from there down your list.

However it is worth noting that this can be quite a time consuming exercise so it could be a better option to seek out a pension expert, like the ones we work with who could do all the comparisons for you. Call us today on 0808 189 0463 or make an enquiry here.

How do interest rates affect pension transfers?

If you are in a defined benefits scheme, where the pension paid is based on the number of years you’ve worked for your employer and the salary you’ve been paid, any pension transfer you make, could be affected by interest rates. It’s generally not recommended to transfer out of this type of scheme since you could find yourself worse off.

Transferring a defined benefit pension is more likely to be affected by interest rate changes than if you are transferring to a defined contribution scheme because they are affected by what happens to long-term yields and also whether there are more rises in the base rate and if those surpass what the markets expect.

Actuaries calculate pension transfer values by assessing the following factors:

  • Your age
  • Your scheme’s retirement age
  • The current cost of living
  • Life expectancy
  • Whether you’re married or single
  • The current gilt values

As well as the above, they will look at the pension transfer value index, which tracks transfer values of pensions in real time. When this index is high, higher transfer values are available, meaning you’ll get more for the money in your pension pot when you move it into another scheme.

Before you commit to transferring your pension, seek expert advice. Get in touch for a free, no-obligation chat and we’ll connect you with one of the independent pension experts we work with.

How long does a pension transfer take?

This vary with each provider. Some providers use an electronic transfer system but others are still using a manual transfer process. It can take anywhere from three to 12 weeks to complete a pension transfer. If it’s just a funds transfer done electronically it could be closer to three weeks but if it involves shares and/or a manual process you could be looking closer to the 12-week mark.

Speak to an expert

If you have questions about the best pension plan to transfer into for your circumstances and want to speak to an expert for the right advice, call us today on 0808 189 0463 or make an enquiry.

Ask a quick question

We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in pensions. Ask us a question and we'll get the best expert to help.

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Tony Stevens

Tony Stevens

Finance Expert

About the author

Tony has worked in a vastly diverse array of areas in the pensions industry for over 20 years. Tony regularly writes for trade press, usually on topical and pensions pieces as well as acting as a judge at prestigious national events.

Tony is also a highly qualified Independent Financial Adviser in his own right. His mantra has always been “Hope for the best, but plan for the worst”, and believes that the biggest impact that an adviser can have on a client’s life journey is to take them on a journey from generally having little or no real idea of what their retirement will look like, to giving them the understanding of what their retirement looks like now, then helping them navigate a path to what they want their retirement to be.

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*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

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