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Is Your Pension Working Hard Enough For You?

If you are worried that your pension fund may not meet your future financial needs or just plain disappointed with your current providers performance you may be interested in exploring options such as Pension Transfers, Cashing in Pensions, Pension Drawdown or any of the myriad of investment alternatives that could make a big difference to your retirement lifestyle.

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Pension Transfers or Cashing In Pensions? Get Free Advice

Richard Beardsworth Pension Expert

By Richard Beardsworth.

Independent Financial Advisor

More Pension Guides...

There is a lot to think about when you are planning for your retirement. In fact, there is even more to think about now that the Government has changed some of the rules pertaining to how pensions are accessed. Making sense of it all can be a difficult task for even the most knowledgeable of pension savers. Professional advice is always advisable when making decisions related to retirement saving and investments.

Pension Transfer Experts exists to provide our valued readers with the guidance and information they need to gain a solid foundation of how pensions work. We pride ourselves on presenting information in a language you can understand, without all of the technical jargon normally found on informational websites of this type. Furthermore, all of the information we present has been compiled in conjunction with FCA authorised pension experts and verified for accuracy by independent sources. Our aim is to provide only accurate and helpful information to our readers.

Having said that, what you read on our site should not be construed as professional investment advice. Everyone's circumstances are different, requiring a unique solution based on the advice of a certified professional. Please consult a professional before you make any decisions.

How can an FCA authorised pension expert help you? Consider the following:

  1. An expert can help you understand all of the pension options available to you under your current circumstances. That same individual can advise you as to how you can make the most of your investment funds.
  2. An expert can answer all of your questions regarding pension transfers, cashing in your pensions, taking lump sum payments, pension drawdown, and so on.
  3. An expert can help advise on any sort of pension transfer action you want to take by offering you appropriate products and services for a paid fee.
  4. FCA authorised pension experts are now required to encourage you to take advantage of free government guidance before making investment decisions.

It is our hope that the guidance found on our website will be helpful in your decision-making process. We encourage you to combine our information with free government guidance and professional advice in order to ensure well-informed decisions. When you work with one of our FCA authorised pension experts, your initial consultation will be offered free of charge. You will also be informed of any costs before you commit to further transactions.

The most common questions we receive regarding pension transfers and drawdowns are covered in the brief below. We have provided additional links with greater detail on each topic, should you require more information. Please feel free to take advantage of all the information here on our website.

Pension Transfers

Pension transfers offer consumers the potential to maximise the return on their investment by moving their retirement funds that can offer better performing pensions or to pension schemes that may offer better features or more attractive tax environments. Consumers need to be aware that transfers are tightly regulated as a means of preventing fraud and discouraging consumers from using up pension monies prior to retirement.

Be aware that there is a difference between a legitimate pension transfer and a fraudulent pension liberation scheme. Falling victim to a fraudulent scheme could result in significant tax penalties that could wipe out most of your pension savings. Also be aware that you can transfer several different types of pensions, including company pensions, SIPPs and personal pensions.

Grouping Pensions

A saver's circumstances may dictate that grouping multiple pensions into a single scheme offers a better financial return. For example, an individual may have two or three small pension pots worth less than £10,000 apiece, not performing well because there is so little money to invest. Grouping these three pots together concentrates the total sum, which, if invested wisely, could provide better returns than that which would be earned by leaving deposits separate.

New rules regarding trivial commutation apply to smaller pots of under £30,000 in value. In some cases, liquidating the smaller pots and investing the money elsewhere provides for better returns. In other cases, grouping them into a single pension scheme is the best way to go. Be sure to ask your financial advisor about trivial commutation.

Finding Lost Pensions

It is not uncommon for Britons to change jobs multiple times during their working years. Oftentimes this results in lost pensions scattered among previous employers. By taking advantage of a lost pension finding service, consumers can get a better handle on all of the pension monies they have out there. This also allows them to make wiser decisions regarding pension transfers, cashing in pensions, and drawdowns.

Cashing In Pensions

New rules in effect from 2015 make it easier for consumers looking to take advantage of cashing in pensions. Beginning in the spring of that year, savers have greater flexibility to cash in pensions and reinvest the money in other opportunities. As an added bonus, tax liabilities are also reduced to make such investments more attractive. Both commercial and residential property is among the most attractive investments pension savers are beginning to look at.

Pension Drawdown

Savers who choose drawdown pensions will be able to use pension pots much like bank accounts, or taken as a series of lump sum payments as the individual needs them. The first 25% of any drawdown payment is provided tax-free. Marginal rates apply to the remaining balance. Be aware that pension drawdown does not apply to state pensions.

You would also require advice in this area to ensure that any monies you wish to withdraw are done in the most tax efficient manner.

Personal Pensions

Personal pensions were introduced in the UK in 1988 to replace the annuity retirement plans. The main advantage of these kinds of pension schemes is that contributions can come from either employers, workers, or both. The most common form of personal pension is known as the insured personal pension. It is a pension plan with limited options for investing. Limiting the options reduces risk.


The self-invested personal pension (SIPP) is another type of personal pension that is less restrictive than the insured personal pension. It is one of the best pension options for the self-employed and workers who prefer to direct their own investments rather than putting their money into a company plan. The SIPP gives the individual maximum control over how pension monies are invested.

Company Pensions

Most UK workers invest in pensions offered through their companies. Thanks to new rules regarding auto enrolment implemented a few years ago, workers are now included in company pension plans unless they specifically opt out. You may already be involved in a company pension plan without even knowing it, although your employer is legally required to inform you of any sponsored plan you are part of.

Workers who opt out of company pensions should still consider investing in an insured personal pension or SIPP. State pensions alone are unlikely to be sufficient to support the financial needs of pensioners upon retirement.

Specialist Pensions

There are a number of specialist pensions with unique requirements available to UK workers. Examples include the section 32 and 226 contracts, ecclesiastical pensions, municipal/judicial pensions, QROPS, and Navy/Army pensions. Among all of them, the section 32 contract is often the most complicated.

A section 32 contract is also known as a buyout bond. It is a contract that allows a worker to combine accrued pension rights and entitlements from previous employment into a bond policy that becomes accessible at retirement age. These contracts are extremely complex and should only be entered into with proper advice.

Pensioners planning to retire overseas may want to consider transferring a pension to a qualifying recognised overseas pension scheme (QROPS). Doing so reduces tax liabilities while also protecting any leftover pension monies from the death tax upon an individual's passing.

As for the remaining specialist pensions, each is governed by its own rules and regulations. Consumers participating in these sorts of pensions should seek appropriate advice from an experienced financial advisor prior to making any changes.

Get Free Expert Help and Advice

Our FCA regulated pension experts offer Pension Transfer Experts visitors a free one to one consultation to help you with any pension issue. They will discuss your requirements, analyse your current circumstances and advise you on the best possible options that are open to you. The only time a charge will occur is if you decide to act on their advice and procure their help in achieving your goals at which time they will make sure that you are aware of the full costs involved in the transaction before you make any decision to proceed.

Just call us or email us for a call back with our friendly team and they will ensure you get the best professional advice available. 

Call Us to Speak to a Pension Expert Now. The Initial Consultation Is Absolutely Free!

Our panel of FCA Approved Pension Experts Will Help You:

  • Free Initial Assessment of Your Current Pension Funds
  • Find Out Your Projected Retirement Income
  • Understand The Most Appropriate Alternative Investments
  • Find Out How The Latest Pension Changes Affect You
  • Release Cash From Your Pension
  • Discover The Benefits of Changing Pension Providers
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