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Tips on transferring your pension

Taking advice related to a pension can save you thousand of pounds. We know that pension handling and transfer advice is offered by many ’online experts’ who are ‘unbiased’ and help you select the right service. Many of these companies are legitimate and they do look out for you, but others will be looking at way to take away your hard earned pension and transfer it to their own pocket.

This is why you need to be clear about your plans with the advisor; they should have a clear picture over your goals and objectives. You can transfer your pension for various reasons such as the scheme in which you were associated to is about to close, or maybe you wish to transfer it overseas to the country that you will be emigrating to.

The following are the key tips that you need to take into account when caring your pension, especially when you’re planning to transfer it:

  • How much payment is required to enroll on the new scheme and is it worth it?
  • Does your existing pension plan allow for a swift transfer?
  • Would you be losing any security, if yes then what percentage?
  • Are any tax charges applicable, if yes how much?