Pension Transfers
Pension charging structures have changed dramatically in the last 10 years and has dramatically changed the face of retirement planning. Due to the influence of stakeholder pensions the cost of a new pension is now far lower than in the past and many individuals now find themselves with outdated, underperforming and overpriced pension contracts.
With newer style stakeholder and personal pensions allowing you to access them with no initial charge, many individuals are able to transfer to a lower cost, better performing contract with little or in many cases, no set up charges at all.
Although for many the pension transfer process is simple on the basis of charges alone, there are still a number of factors that need to be considered, and it is your responsibility to make sure that you're aware of them and correctly weigh up the pros against the cons.
We have tried to highlight some of the key areas to help you on your way to making a decision as to whether transferring to another provider is the right thing to do. However, there every case is different and subtle differences in your policies or how you prioritise these various factors can dramatically influence whether or not you should move to another provider. One things for sure, taking independent financial advice is the only sure way of getting a full hold of the facts.
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As a firm of Independent Financial Advisers, Financially Sound Limited have access to a wide range of products and services available in the UK - as opposed to a Tied Agent or Company Representative, who may only advise and offer products from the company they represent. This means that we are able to give you impartial advice and recommend the most appropriate products for you, so that you will enjoy choice, value for money and our high-quality service.