UK PENSION TRANSFER - Reasons why you might transfer your PERSONAL PENSION...

I’ve received a number of questions on pension transfers.

Clearly I can't say specifically whether someone should or shouldn’t transfer a pension without providing full financial advice but I did think I could make a useful video highlighting some of the areas that should be considered when thinking about whether to transfer a private pension plan or not.

This is something that is likely to occur more and more due to auto enrolment and individuals moving from one job to another and accumulating a number of different workplace pensions. Its not uncommon for someone to have built up 6 or 7 pension arrangements over their working lives.

Interestingly since the advent of auto enrolment capital in private pension schemes has increased from £139bn in 2012 to almost £300bn by 2018, according to the ONS.

Some older style pension schemes are also more expensive, or lack online access or perhaps someone wants greater investment choice or a specific investment that they can't currently access.

So just to be clear this will be about personal pensions and not final salary or average salary as this would require a very different approach and require a video in its very own right.

Also its important to know that there are certain situations where you have to have financial advice before you can transfer. If you are a member of a defined benefits pension scheme and the value of your benefits is more than £30,000 you will need to take advice from a regulated financial adviser.

Or if you are a member of a defined contribution pension scheme (a personal pension scheme) and you have safeguarded benefits with a value of more than £30,000 you will need to take advice from a regulated financial adviser. I’ll go into more detail on what safeguarded rights are in this video.

⏰Timestamps
0:00 Introduction
1:28 When you have to have financial advice?
2:07 Objectives of the transfer...
2:27 Consolidation
3:03 Lost pensions
3:27 Charges
4:13 Investments
5:30 Facilitating Flex Access Drawdown
6:07 Specific question
9:05 Things to check before transferring!!

⭐Those considering making a withdrawal can arrange a personal appointment to discuss their options and receive impartial guidance at:

www.pensionwise.gov.uk

⭐Find contact details for a pension provider or workplace pension:

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Please note:
The information provided is based on the current understanding of the relevant legislation and regulations and may be subject to alteration as a result of changes in legislation or practice. Also it may not reflect the options available under a specific product which may not be as wide as legislations and regulations allow.

All references to taxation are based on my understanding of current taxation law and practice and may be affected by future changes in legislation and the individual circumstances.

My channel is for information and education purposes only. Any information or guidance given does not act as financial advice. Please consult a financial adviser if you are unsure in anyway.

My aim is to provide education and guidance to help individuals understand pensions, investments and protection.

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