{"id":7178,"date":"2021-01-12T12:37:17","date_gmt":"2021-01-12T12:37:17","guid":{"rendered":"https:\/\/www.2020financial.co.uk\/?page_id=7178"},"modified":"2023-03-11T17:29:51","modified_gmt":"2023-03-11T17:29:51","slug":"pension-transfer-advice","status":"publish","type":"page","link":"https:\/\/www.2020financial.co.uk\/pension-transfer-advice\/","title":{"rendered":"Pension Transfer Advice"},"content":{"rendered":"\n
Pension transfers can be complex and if you have a pension with protected benefits you’ll need advice from a qualified pension transfer specialist as it may not be in your best interests to move it.<\/p>\n
We’re qualified pension transfer specialists who’ve been helping clients to transfer their pensions since 2007. Our expert team work directly with you to deliver tailored advice in a timely and streamlined process to ensure the best outcomes for our clients.<\/p>\n\t
Book a call to find out more<\/a><\/p>\n Our holistic approach puts you, your goals, dreams and individual circumstances front and centre of any transfer advice we give. We provide bespoke, independent pension transfer advice and a range of financial planning and investment services. These include:<\/p>\n\t DEFINED BENEFIT PENSION TRANSFER<\/p>\n\t We are qualified pension transfer specialists who can offer specialist advice and analysis if you’re considering transferring your defined benefit pension. You’ll also find a range of free resources we’ve created to help you understand the risks and benefits involved.<\/p>\n <\/p>\n\t Learn more<\/a><\/p>\n\t PENSION CONSOLIDATION<\/p>\n\t It’s common to have multiple pension pots floating around – but chances are, you’d rather have all of your investments in one place. We can review your old pensions, your current fees, benefits and fund performance and if appropriate help you consolidate your pensions.<\/p>\n\t Learn more<\/a><\/p>\n\t INVESTMENT ADVICE<\/p>\n\t Come to us for independent advice focused on your unique circumstances, needs and goals for the future. You will also gain access to our exclusive hybrid investment model offering you unparalleled access to the best investment brains in the world.<\/p>\n\t Learn more<\/a><\/p>\n\t PENSION ADVICE<\/p>\n\t We deliver the very best tailored, specialist advice on all types of pensions and retirement planning. We can advise you on everything from defining and reaching your financial goals, the intricate details of taking tax free cash and how to efficiently (and impactfully) plan your pension drawdown.<\/p>\n\t Learn more<\/a><\/p>\n Pension transfers are risky, so getting the right advice is essential; bad decisions are costly and usually irrevocable.<\/p>\n Our detailed analysis will help you assess your options and decide if a Pension Transfer is right for you. We have the expertise and technology to help you make a better financial decision.<\/p>\n\t Our pension transfer specialists can provide<\/p>\n We offer full financial & retirement planning to help you make the most of your pension. <\/p>\n\t We’re fully authorised and regulated by the FCA with all the required permissions, qualifications and insurances to offer Defined Benefit Pension Transfer advice. We also comply with the Pension Transfer Gold Standards<\/a>.<\/strong><\/p>\n\t\t\t\n\t\t\t\t\t\t\tBOOK A FREE CALL\n\t\t\t\t\t<\/a>\n\t Schedule a free call today to talk to a pension transfer specialist.<\/a><\/p>\n Our Independent pension transfer advice is designed to help you meet your goals in the best way for you, whether that’s exploring your options within your scheme or moving your pension to a defined contribution arrangement.<\/p>\n\t\t\t\t\t\t\t\n\t\t TRANSFER ANALYSIS<\/p>\n\t\t\t First we start with understanding you and where you want to be.We’ll discuss your goals, talk about the risks and benefits of pension transfer and carry out a detailed fact-find and analysis to see if transferring is really in your best interests.<\/p>\t\t\n\t\t\t\t\t\t\t\n\t\t REPORT & RECOMMENDATIONS<\/p>\n\t\t\t You’ll receive an in-depth report that assesses your suitability to transfer based on your goals, risk assessment and your personal and financial situation.You’ll receive suggestions for alternative courses of action & our expert recommendation.<\/p>\t\t\n\t\t\t\t\t\t\t\n\t\t MANAGE & REVIEW<\/p>\n\t\t\t If appropriate and if you decide to go ahead with transferring your pension, we will seamlessly manage your transfer to your recommended arrangement, offer regular portfolio rebalancing and provide ongoing advice & support to ensure you stay on track.<\/p>\t\t\n\t\t\t\n\t\t\t\t\t\t\tBOOK A FREE CALL\n\t\t\t\t\t<\/a>\n If you have a lot of small pension pots or multiple pensions then Pension Consolidation<\/a> could make it easier for you to track your money, control where and how you invest your pension and could reduce the fees you are paying.<\/p>\n\t But transferring your pensions could mean you lose valuable benefits you might not even know you have, so you have to make sure you get the right advice before you transfer anything.<\/p>\n Our pension transfer specialists can make sure that you don’t give up valuable benefits without considering the long-term impact of doing so.<\/p>\n\t Combining your pensions into one pot could:<\/p>\n Schedule a free call today to talk to a pension transfer specialist.<\/a><\/p>\n\t Download our free expert guide to<\/p>\n Is a transfer really right for you? Uncover everything you need to know before you decided transfer your pension.<\/p>\n Explore our gallery of free guides – because informed is empowered.\u2029<\/p>\t\t\n\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\tSee the guides\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t02\n\t\t Read our expert advice on how to get more from your pension.\u2029<\/p>\t\t\n\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\tVisit the blog\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t03\n\t\t Speak to an IFA. No fees. No obligations. Let’s just see if we can help.\u2029<\/p>\t\t\n\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\tBook your free call\t\t\t\t\t<\/a>\n\t\t\t\t\n\t \u2029EXPERT ADVICE FOR DEFINED BENEFIT PENSIONS <\/p>\n We don’t believe in generic robo-advice, middle-men or frustrating call centres. We believe you deserve expert tailored advice to help you make the right decision, so you’ll always deal directly with Simon Garber, our qualified pension transfer specialist.<\/p>\n\t\t Pension Transfer Specialist since 2007<\/p>\n\t\t\t<\/li>\n\t\t\t\t\t Expert in Defined Benefit Pension Transfer<\/p>\n\t\t\t<\/li>\n\t\t\t\t\t FCA Regulated, Independent Advice<\/p>\n\t\t\t<\/li>\n\t\t\t\t\t 5* Rated Customer Service<\/p>\n\t\t\t<\/li>\n\t\t\t\t\t Gold Standard for Pension Transfers<\/p>\n\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\n\t\t\t\t\t\t\tBOOK A FREE CALL\n\t\t\t\t\t<\/a>\n\t Client Testimonial<\/p>\n\t\t\t\t\n Excellent advice given in a friendly and professional manner. I feel very confident that my financial affairs are being diligently and expertly looked after.<\/p>\n\t LEO RUSCILLO, Defined benefit transfer<\/p>\n Once you receive your CETV (cash equivalent transfer value, you have 3 months in which to decide whether you will transfer or not before that offer expires. It’s important that you factor in the time it will take to receive the advice you need. Ideally before or as soon you receive your CETV.<\/p>\n Across the industry it’s not uncommon to hear of defined benefit pension transfers taking up to 6 months, sometimes longer.<\/p>\n Our streamlined process is far quicker than that and we can usually turn around your report and transfer recommendation in around 3-4 weeks as long as we have all of the information we need.<\/p>\n It’s an in-depth process, but since you’ll always deal directly with our Qualified Pension Transfer Specialist, there won’t be any unexpected delays from our end.<\/p>\n However, you should be aware that we may need to request additional information from your pension trustees in order to provide you with the advice you need and this may cause delays which are beyond our control.<\/p>\n Delays in the pension transfer advice process could cause you to miss your CETV transfer deadline and will result in you having to request a new transfer value. Transfer values are subject to change so this could work for or against you.<\/p>\n There are a number of other factors that can affect how long a pension transfer might take including:<\/p>\n How quickly you respond to requests for information and how complete that information is.<\/p>\n How quickly Pension trustees respond to requests for information<\/p>\n How quickly pension trustees and associated pension companies action any request for a transfer<\/p>\n Pension trustees and pension providers in general, are not known for their fast turnaround times. Because of this we have a dedicated team who will chase your case daily if needed.<\/p>\n\t\t\t\t\tCan i transfer my pension myself?\t\t\t\t\n\t\t\t\t\t If you have a defined contribution workplace pension from a previous employer then it’s likely that you could move it yourself.<\/p>\n However, even if this is the case it’s worth speaking to a Pension Transfer Specialist as you may have associated benefits that you would lose if you transfer.<\/p>\n Guaranteed Benefits could include:<\/p>\n Our pension specialists can carry out a full analysis of your pension scheme benefits and costs, advise if a pension transfer is in your best interests and help you build a suitable long-term financial plan.<\/p>\n If your Final Salary pension is worth less than \u00a330,000 you are free to transfer your pension yourself without seeking advice.<\/p>\n If your transfer value is higher than \u00a330,000 then it is a regulatory requirement that you seek ‘appropriate’ advice from a qualified pension transfer specialist. This means they will need to provide you with an in-depth report exploring your suitability to transfer and a personal recommendation to transfer or not.<\/p>\n Things a pension transfer specialist will consider:<\/p>\n Almost all of the big pension providers and platforms now require you to have a positive recommendation to transfer. Which means, if a pension transfer specialist has deemed it not in your best interests to transfer, you may find it difficult to transfer your pension yourself.<\/p>\n Whilst this might seem frustrating, these rules are designed to protect you and your pension in the long term.<\/p>\n\t\t\t\t\tHow much does a pension transfer cost?\t\t\t\t\n\t\t\t\t\t Transferring your Final Salary Pension to a personal pension arrangement may give you access to a large lump sum and offer you the freedom to invest and spend your pension pot as you see fit, but there can be significant costs and fees involved.<\/p>\n The full cost of a Final Salary pension transfer<\/a> will depend on a number of factors: The value of your pension will usually affect how much a transfer costs you, since most work of this kind operates on a percentage of the value of your fund.<\/p>\n The cost of Pension transfer advice can range from advisor to advisor, so it’s worth shopping around to find the best deal for you, taking into account future advice costs and the costs of recommended products and associated platform charges.<\/p>\n Changes made by the Financial Conduct Authority in 2020 mean that contingent charging has now been banned. This means that you must be charged the same amount for advice whether you are recommended to or choose to transfer or not.<\/p>\n Regardless of who manages your money post-transfer you’ll be subject to investment costs depending on which investment products you choose.<\/p>\n\t\t\t\t\tShould I transfer my final salary pension?\t\t\t\t\n\t\t\t\t\t For the vast majority or people, the answer to this question is generally, no. Final Salary Pensions provide valuable benefits that will be lost if you transfer out. And these benefits usually cannot be replaced on a like-for-like basis. For most people a Defined Benefit pension transfer is not in their best interests.<\/p>\n That said, whether or not you should transfer is entirely dependent on your individual circumstances and goals. It’s not possible to give you an answer to this questions without doing a full analysis of your situation.<\/p>\n As general guidance though there are factors that will make it more or less likely that a transfer would be suitable for you, which you can consider before you explore further.<\/p>\n <\/strong><\/p>\n Defined benefit pensions don’t just provide a guaranteed income for life for you, DB schemes usually provide a survivor’s pension for your spouse or dependent children.<\/p>\n If you’re not married and you don’t have any dependent children any money you’ve accumulated in your pension gets absorbed back into the pension scheme if you die, regardless of how long you have been taking your pension for.<\/p>\n Find out more about what happens to your DB pension when you die<\/a><\/p>\n<\/li>\n If your sole motivation for transferring your Defined Benefit Pension is a concern over the future of your scheme, it’s important to understand if your scheme is covered or not, because if it is, then a transfer for this reason alone is not justifiable.<\/p>\n Find out more about the Pension Protection Fund<\/a><\/p>\n<\/li>\n This year alone we’ve spoken to several individuals whose sole reason for seeking a transfer was because they were worried that their spouse would not be able to survive on a reduced spouse’s pension (usually 50% of a member’s DB pension). All were still in the 40s or early 50s with no ill health or reason to believe that they wouldn’t outlive their spouse.<\/p>\n We were able to solve their problem whilst keeping them within the safety and security of their DB pension scheme by simply recommending an appropriate life insurance policy that would cover any shortfall in their spouses income in the event of their untimely death. This was a relatively low cost solution given the long-term cost and risk of transfer.<\/p>\n Other examples of this include individuals who want to access tax-free cash at 55, who were able to find the money they needed through alternative sources. Sometimes, all it takes is a quick call with an expert to realise that there are alternative actions available to you.<\/p>\n<\/li>\n<\/ol>\n\n\t\tWe think you’ll love our tailored transfer service\n\t<\/h3>\n\t
\n\t\tSpecialist pension transfer advice & analysis\n\t<\/h3>\n\t
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\n\t\tTailored pension transfer advice\n\t<\/h2>\n\t
\n\t\tCombining your pensions\n\t<\/h3>\n\t
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\n\t\tFinal Salary Pension Transfer\n\t<\/h4>\n\t
\n\t\tSo, you’re ready for Pension Advice? Here’s how we can support you.\n\t<\/h4>\n\t\t\t01\n\t\t
Get the right information<\/h3>\n\t\t\t
Visit our retirement blog<\/h3>\n\t\t\t
Schedule a free call with us<\/h3>\n\t\t\t
\n\t\tMeet our Pension Transfer Specialist\n\t<\/h3>\n\t
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\n\t\t“…I feel very confident that my financial affairs are being looked after.”\n\t<\/h3>\n\t
\n\t\tFrequently Asked Questions\n\t<\/h3>\n\t\t\t\t\tPension transfer timescales – How long does a pension transfer take? \t\t\t\t\n\t\t\t\t\t
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Transferring a Final Salary Pension<\/h3>\n
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\u25cf How much your pension is worth
\u25cf How much you pay for pension transfer advice,
\u25cf The costs of ongoing investments post transfer including any ongoing advice fees.<\/p>\n\n
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Defined Benefit pension schemes in the UK are usually covered by the pension protection fund PPF, which protects Defined Benefit pension members if their pension fund becomes insolvent. It currently protects 90% of the value of members pensions (caps apply) and rises in line with inflation each year. The amount you can receive is capped but the majority of scheme members (99.5%) are not affected by this cap.\n