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The primary purpose of transferring pension benefits to another type of arrangement has to be an attempt to increase the amount of benefit that will be payable from retirement age.
Whether your previous Pension is retained in an employers occupational scheme, Personal Pensions or Retirement Annuity contracts it may be advantageous for you to transfer the money into a modern low charge Stakeholder Pension or Personal Pension policy.
For example your occupational scheme benefits may only provide your dependants with the value of your contributions if you die rather than the actual value of your pension policy. The charges being deducted under your old Personal Pension or Retirement Annuity contract might be much higher than are available with a newer policy, or you might be able to obtain a higher proportion of your fund as tax free cash.
On the other hand if you transfer your money you might be giving up a guaranteed income at retirement or one of many other valuable benefits that old pension policies might contain. An example would be guaranteed annuity rates.
It is vital that the decision you make is correct - if you get it wrong there is not normally any way to undo your actions. Our financial advisers are qualified to provide pension transfer advice and we are often able to offer enhanced investment terms to you which we have negotiated with insurance companies on your behalf.
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