Updated: July 19, 2019

Pension Transfer Advice

Considering a pension transfer? Expert advice is essential! Read through our guide and learn how to find the right expert

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Tony Stevens

Author: Tony Stevens - Finance Expert

Updated: July 19, 2019

Careful management of your pension is vital to achieving the financial and lifestyle goals you want when you retire. But if you’ve thoroughly assessed your current provisions, considered all of the available options and concluded that a pension transfer might be the best course of action, you’ve come to the right place.

Finding the right pension scheme to transfer your funds to can make all the difference to how well your investments are managed.

However, this is a complex area and you may be perplexed by the task of transferring into the best pension scheme. Each scheme provider will have their own rules on investment management and transfers; this makes transferring an attractive option for some, though there may be increased financial risks for others.

Do I need a financial advisor to transfer my pension?

If you have a defined benefit pension with benefits worth over £30,000, or have a guaranteed annuity rate of at least this amount, seeking professional advice before you transfer is a legal requirement. And even if you don’t fit the criteria where professional guidance is a legal obligation, speaking to a qualified pensions advisor before you transfer is still recommended to ensure you make the right decision.

If you’re in a defined benefits scheme and don’t have safeguarded benefits, it is possible to transfer your pension without a legal need for an advisor. However, it’s important you properly consider any potential tax liabilities or longer-term implications of pension transfers.

With this in mind, it’s always a good idea to get a specialist to help you compare pension transfer services, regardless of which pension scheme you’d like to transfer out of. An expert will have the whole-of-market knowledge and expertise needed to help you find the right pension match for your circumstances.

People who want to transfer their pension will also need to understand how to safeguard their decision against all forms of future risk. The expert pension advisors we work with can fully explain the advantages and disadvantages, such as stock market fluctuations, and how this could impact your choice of pension scheme.

When should I speak to an advisor?

If you’re wondering when’s the right time to contact a financial advisor about your pension transfer, it’s always a good idea to talk to a specialist early on in the process. The reason is that the pension transfer option that’s right for you will depend on the specifics of your situation. In some cases, transferring your pension may not be your most lucrative and suitable option.

A pension transfer specialist will be able to help you understand the bigger picture, make a sound judgement on your pension transfer and work with you to ensure everything remains on track going forward.

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What does a pension transfer specialist do?

The role of the pension transfer specialist is to be able to offer suitable pension transfer advice to help identify whether a proposed scheme and investment is a good match to a client’s needs.

Whether the recommendation is to remain in a pension scheme or transfer out of it, the client must receive a suitability report.

This report ensures there’s a record in case of any future dispute. However, the pensions transfer adviser is always liable for any recommendations they provide you with.

How can I find a pension transfer specialist?

Any pension transfer specialist you choose should be Financial Conduct Authority (FCA) qualified and you can check this online in the organisation’s register.

We have lots of connections with top pension transfer specialists who are fully up to date on qualification requirements. The pension transfer experts we work with will be able to give you a suitability report based on regulatory requirements for any pension transfer you may be interested in. Make an enquiry to get started.

Specialist pension transfer companies

Pension transfer companies can play an important role in helping people find the right pension scheme. If you’re looking for pension transfer companies, remember that the same FCA rules apply to firms as do pension transfer advisors. Only companies with FCA permission can advise on pension transfers. The firm will remain fully responsible for any advice given from a pension transfer specialist. This holds true in cases where the pension transfer specialist isn’t employed by the company.

How much does pension transfer advice cost?

This will vary depending on the type and number of pensions to transfer. A pension transfer that’s not a defined benefit scheme is usually charged at up to 5% of the value of the pot and 1% ongoing to pay for regular reviews.

That said, it’s important to point out that most reputable companies do not charge anything unless a client acts upon advice given. Also, to make this affordable, fees can be paid from the pension pot not the client’s own pocket.

Good advisors will be looking to help clients unlock long-term value which could add many thousands of pounds to your pension. This involves looking at the wider financial planning aspect, instead of looking at short-term value gain.

To be connected to a pension transfer advisor free of charge, call us on 0808 189 0463 or make an enquiry. We’ll connect you to the right expert for your needs who can provide an initial free pension transfer consultation. From here, they can work with you to find the cheapest pension transfer available.

However, a standalone piece of advice won’t typically be enough to get you successfully through the complex transfer process. You will need a detailed suitability report from your pensions transfer expert further down the line.

Fixed fee pension transfer advice

Some pension transfer specialists charge a fixed price for pension transfer advice.

This could be anywhere from a couple hundred pounds to a few thousand. You will have to pay the fixed fee cost of the pension transfer advice whether the guidance given is to transfer out or stay in your current pension scheme. Paying the same pension transfer advice charges, whatever the outcome of the suitability report, ensures you get fully impartial advice as to the best course of action to take.

But keep in mind that most reputable companies do not charge anything unless a client acts upon the suggestions given, as mentioned in the previous section.

Independent Financial Advisor pension transfer advice

Transferring or combining your pension pots could help make your pensions easier to manage. You could also save money on fees. However, an IFA pension transfer specialist will do the maths to check whether you’ll really be better off with a transfer after carefully taking any exit fees, tax liabilities, and/or further hidden costs into consideration.

Successful pensions transfer advice will be about finding the right schemes for long-term financial planning. We can connect you with the appropriate pensions transfer expert for the specifics of your pension transfer query to get you the best independent financial advice.

There is no one size fits all answer to questions regarding IFA pension transfer charges. For further input on pension transfer specialist fees, call us on 0808 189 0463 or make an enquiry.

Where can I find low cost pension transfer advice?

The best way to find low fees for pension transfer advice is to do a quick comparison of specialists on the market.

Low-cost defined benefit (DB) pension transfer advice could save you 75% or more compared to the higher priced alternatives.

For example, some defined benefit pension schemes may appoint a financial adviser at a much lower rate compared to standard pension transfer advice fees. But you’ll want to ensure that the expert you’re working with is unbiased and whole of market.

Get in touch and we’ll do the work of finding you the best pension transfer advisor for your needs.

Pension transfer specialists near me

You may want to know how many pension transfer specialists there are in the UK and how to find consultants by location.

We work with a broad scope of pension risk transfer advisors across the UK and have helped customers in various locations, including…

  • Bristol
  • Manchester
  • Lincoln
  • Chester
  • Sheffield
  • Cardiff
  • Liverpool
  • Leeds
  • Bracknell
  • Cheltenham
  • Hampshire
  • Exeter
  • London
  • Scotland
  • Wales
  • Bridgend
  • Glasgow
  • Midlands

Wherever you’re based in the UK, we’ll make sure your paired up with the right pensions advisor for you needs and circumstances if you make an enquiry.

Speak to a pensions transfer expert today!

Deciding whether or not to transfer or combine your pensions can be an exciting project which enables better management of your pension pot and gives you an idea about how much income you’re on track to receive.

With the right advice, the process can be smooth and simple and lead to the outcome you are hoping for. The pension transfer advisors we work with understand all the details of pension transfers and what becomes more important to prioritise when you retire.

Speak to a pension transfer specialist today if you’d like answers to your questions about transferring a pension. Call us on 0808 189 0463 or make an enquiry. Then just sit back and relax while we do all the hard work of matching you with the right advisor for your needs.

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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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FCA Disclaimer

*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.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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