Call us on 01202 622223 for a no obligation consultation
Call us on 01202 622223 for a no obligation consultation

Transferring your pension can be the best way to stay in control of your pension benefits, and secure the best deal for you and your family.

Why should I consider a transfer?

You may be better off transferring a Defined Benefits pension scheme into a personal pension if:

  • You wish to take your benefits before normal retirement age and your current scheme wants to apply a penalty
  • You are in poor health and/or your life expectancy is short and you want to take a higher income
  • You want to secure a higher pension for your spouse/partner
  • You want to pass your pension after your death to individuals of your choosing
  • You want to be able to draw your benefits flexibly, such as to top up other sources of income or take ad¬hoc lump sums
  • Your pension scheme may be underfunded and at risk of closure

Transfer incentives

Many large companies have found themselves unable to cover their Defined Benefit (salary-related) pension schemes deficits in recent years and are offering employees financial incentives to employees wishing to transfer their funds out to private arrangements. This might be a choice of a cash payment on top of the transfer value or an enhanced transfer value.

Some pension providers are currently giving incentives for individuals wishing to transfer their funds in.

Choosing the right scheme

At Apex CB Financial Planning we can help you to understand both the advantages and disadvantages in what could be one of the most important financial decisions you ever take. With our ability to choose from the whole of the market, we can advise you on which pension providers have the best track records for growth, to ensure that your money working harder for you.

To find out more call 01202 622223 or contact us using our online enquiry form.

Understanding the risks

Transferring your pension away from a Defined Benefit pensions scheme to a Defined Contributions scheme may result in you losing valuable benefits provided by your employer’s scheme. Therefore a full investigation and report will be provided and you will be given time to consider your options, without pressure.

If you choose to take a cash payment rather than an enhanced transfer value, you might have to pay income tax and national insurance on it and you’ll get less pension than if you had accepted the enhanced transfer value.

At Apex CB Financial Planning, we can help you to understand the risks and to make an informed choice for your future.

To find out more call 01202 622223 or contact us using our online enquiry form.

*Transferring a pension may not be in the best interests of all people. The value of pensions and the income they provide can fall as well as rise.

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