Do you know how much your insurance company charges to manage your pension? Employed / Self Employed? Should you merge your pensions together? When was the last time you reviewed your pension? Retirement Income & Annuities

Q&A'S

Pension Transfer FAQs

This rough guide to pension transfers will give you some basic information to help you understand the process and why one of our advisors may recommend a transfer from one or more of your pension plans.

What is a Pension Transfer?

A pension transfer is the process of moving the value of your existing pension scheme to another pension scheme. During this process, your right to benefits from your original pension plan will expire. After this process, your right to benefits from your original pension plan will expire and the benefits will accrue in the new pension scheme.

What is a 'Transfer in Specie'?

'Specie' means 'in actual form' so a transfer in specie is basically a transfer of assets such as shares or property in their actual form, with no need to cash in these assets before you make a transfer to a different pension scheme.

What type of schemes can I transfer from?

Understanding the different types of pension schemes available is crucial as you could be giving up guarantees and other benefits. There are two main types of pension, defined benefit (usually provided by government and larger blue chip companies and the defined contribution scheme, (usually personal pensions, stakeholder pensions and group personal pension schemes). You can transfer both types, but only when circumstances are in your favour.

What does transferring from an Income Drawdown plan entail?

Transferring from an income drawdown plan to another income drawdown plan may be suitable for you in certain circumstances, such as a lowering costs to get a better income or if you have had a major change in circumstances. If you're thinking about transferring from this type of plan, the plan you are transferring to must also be an income drawdown plan.

Can I transfer to and from any pension scheme?

No, some pension schemes are not suitable for transfers. Get in touch with one of our advisors today, who will be happy to list the schemes that are compatible with the transfer process.

Can I cash in pension or transfer it to a savings plan?

No, you are only permitted to transfer money from one UK registered pension scheme to another. However, you are able to access your pension including your tax free cash at age 55.

If you require an immediate call back from an adviser

TEXT ADVICE TO 68888

Client Feedback

  • Many thanks to The Pension Bureau team for the impartial advice given. I have a number of frozen pensions along with my company pension, my best option was to transfer my frozen pensions into the company pension and take advantage of employer contributions

    Jenny Caldwell
  • Thanks to The Pension Bureau for their expert advice regarding my pension otions, it turned out I was best leaving my final salary pension where it was, with my former employer.

    Jack Wallwork
  • Thanks to the Pension Bureau team for untangling my many private pensions. With their expert help and advice I now have one pension that give me the best returns and will significantly out perform my old pensions.

    Simon Haslam
  • The Pension Bureau gave me unbiased expert advice on my company pension and highlighted areas where I could achieve better returns. Resulting from their advice I now feel confident and re assured by pension provisions are in good shape to see me through my retirement.

    Michael Taylor
pension suppliers