Pension Transfer

Pension Transfer

The contributions you have been paying into your occupational or private pension scheme are yours – if you leave the scheme, the benefits that have been built up are still yours.

When you leave any pension scheme, you have essentially two options:

  • Leave the funds just where they are, for you to drawdown when the benefits become payable.
  • Transfer the benefits to an alternative pension scheme.

Reasons for Transferring

There are a number of reasons why you may want to move all or some of your accrued pension benefits to a new scheme:

  • You may be changing jobs – and, therefore, no longer contributing to your former employer’s pension scheme.
  • You may want to transfer to an alternative pension scheme that offers more attractive benefits.
  • You may want to bring together, under a single umbrella, your personal pensions and pensions from one or more previous employer.

Your Options

Most pension schemes allow you to transfer the benefits to a new scheme, at any time up to one year before the pension becomes payable – if yours does not, the funds need to stay where they are until your pension becomes payable.

If you want to go ahead and transfer, it is important to remember that some benefits provided by your current scheme – such as life or guaranteed income – may be lost.

If you are able to transfer, your pension pot may be moved to:

  • Your new employer’s workplace pension scheme.
  • A personal pension scheme.
  • A self-invested personal pension (SIPP).
  • A stakeholder pension (SHP) scheme.

Considering Your Options

Because of the important financial and longer-term implications of any Pension Transfer, it is important to take Independent Financial Advice before making any such move, as a transfer may not be in your best interest. For example, there may be exit penalties or you may lose valuable bonuses and benefits.

Independent financial advice, specialising in pensions is our strength here at Independent Pension Specialists Ltd (IPSL). Due to the stance taken by the Financial Conduct Authority, we have taken the decision not to provide financial advice specifically on Defined Benefit pension transfers for the foreseeable future.

The Questions We Ask

Recognising how much pensions and pension legislation have changed in recent years, we ask you a series of questions as part of our in-depth pension review service:

  • When was the last time your pension arrangements were reviewed?
  • Do you know whether the benefits will be sufficient for your retirement?
  • Are you paying more charges than necessary?
  • Are the underlying investments right for you?

If the answer is “yes” to one or more of those questions, you might want us to go into further detail with a further range of questions, such as:

  • Do you have a personal pension that started before 2006?
  • Do you have a pension with a company that is closed to new business?
  • Do you have pension benefits left in a scheme with a former employer?
  • Have you been offered an incentive to leave a company pension scheme?
  • How do you plan to maximise the benefits of your pension provision – to realise the maximum income possible in retirement, by self-investing or the purchase of a commercial property?
  • Do you want to look at how best to structure your retirement income?
  • Do you need to access your pension now?

If you would like to discuss your options in more detail and draw on the specialist, expert advice we provide here at Independent Pension Specialists Ltd, simply call us on 01622 238000 or complete the “Contact Us” form.

What we do

Getting the right financial advice at the right time can literally change people’s lives. This is what our business is about.

Who we work with

We specialise in working with people who are saving towards their retirement, are approaching retirement, or have recently retired.

IPSL Services

In some circumstances, more than one service or a combination of services may be appropriate.


We are constantly monitoring the market to ensure we are up to date with all relevant trends. See what's new here.

The IPSL Client Journey

You are at the centre of our process. We provide a face to face or remote service, depending on your needs and location. As independent financial advisers authorised and regulated by the Financial Conduct Authority, we provide specialist advice that will always have your best interests at heart. We only use UK based solutions.

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