Pension Transfer
Pension Transfer: Welcome to Moneyandme Pension Transfer information and help page, we hope during this page we can give you adequate information on why it is important to review your pensions on a regular basis. We will also give you information regarding your pension transfer and whether this is something that would be suitable for your needs. We would encourage you the read the entire page as we will cover various topics on pension transfers during this page.
Pension Transfers
Pension Transfers: More and more people are switching their pensions because they are either unhappy with the service they receive or are unhappy with the performance of the pension fund over a period of time. We will cover performance and charges during this page to ensure you get the most from your pension. We will also give you information on pension transfer advice and how to obtain your pension transfer value which we can assist with. We will also highlight the best performing funds in the pension market for people with cautious, balanced or adventurous attitude to risk so you can compare your performance against the best in the market.
Compare Pensions
Compare Pensions: You should compare pensions for a variety of reasons some will compare pensions because they haven't started a pension and some will compare pensions to ensure their pension is performing with the best funds in the market, whatever the reason we are here to help. Some pension transfers that have been done in the past have been for financial gain rather in the customers best interests and we expect that complaints will escalate in this department in the years to come, but do not let this put you off comparing your pension as we will advise you either way, as our commitment is to ensure all pension transfers have been to the customers benefit and for no other reason.
Pension Transfer Advice
Pensions Transfer Advice: When getting transfer advice it is important to find out the charges you will pay for this advice. Typically 5% got the total amount transferred will be paid out in commission to the advisor which is sometimes reduced but you then end up paying an advisor fee each year to the advisor ranging from 0.25%-1% of your fund value each year on top of the annual management charge that is applied to your fund. These charges could result in 2-3% being deducted from your fund each year. If you fund only grows at 3% it could mean that you have no growth because of these charges. This is another reason you should monitor your pension on a regular basis. Many providers have a large range of funds to choose from and many will allow you to switch funds free of charge within their range which is another avenue you should explore before you transfer to another provider.
With Profits Pension Transfer Advice
With Profits Pensions Transfer Advice: These types of pensions need to be viewed more carefully if you are considering transferring from a with profits fund. Many of with profits have Market Value Reductions applied to them and these will vary with the stock market so the first thing to do is consider whether their is one going to apply to your fund if you transfer it. The next thing many with profit pensions have attached to them is Guaranteed Annuity Rates which will guarantee you a annuity if you do not breach the terms of the contract. This basically gives you a guaranteed annuity which is often greater than you will get if you transfer to another provider. This is not to say that you should remain in your with profits pension as many funds in recent years have either returned 0% bonuses or very little bonuses have been attached but just to be a bit more carefully in your decision.
Pension Transfer Value
Pensions Transfer Value: The most common question people ask is can i get this myself and the simple answer is yes. The FSA brought out guidelines in 2009 as part of treating customers fairly and this applies to pension transfer values. The providers have been given guidelines for the information the must supply upon receiving a pension transfer value request. What you should include in your letter is name, address etc but also include your pension plan number, national insurance number and date of birth to help the providers locate your file. Most providers will respond to your request within 4 weeks but this may take up to 8 weeks to arrive. The information you receive will help you to start reviewing your pension and if required one of our panel of Independent Financial Advisors will assist you in understanding this information. If you are unsure about applying for this information then contact us and one of our panel will submit this request on your behalf with your authority to do so. You may be shocked at the performance against your expectations so would encourage you to do this at your earliest opportunity so you can review your pension.
Pension Transfer Don't's
Pensions Transfer Don't's: Don't switch from your existing occupational pension scheme into which both you and your employer are currently making contributions. No private pension scheme can match the benefits provided by your employer. A transfer should only be considered if you have left your employer. Don't transfer from a pseudo-public sector scheme, such as the Mineworkers' or Water schemes. These offer extremely generous range of benefits which are difficult to match elsewhere. Don't transfer if you are averse to risk. Money placed in a personal pension will be subject to the rises - and falls - of the stock market, whereas a "defined benefit" final salary scheme offers guaranteed benefits. Don't transfer without checking the death benefits of the former scheme, which may not be matched in a personal pension without having to buy a life insurance policy. Don't transfer if you have just a small amount of money accrued in your former pension. It's only worthwhile considering a transfer if the amount is worth more than "10,000. The cost of a transfer is usually about 5 per cent of the total pension pot, paid out in commission to the adviser and charges by the pension provider.
Pension Performance
Pensions Performance: We have reviewed some of the best funds in the pension range so you can do a quick comparison with your current pension. These figures are correct at the time of writing this web site but will change on a daily basis so please contact us for up to the minute figures by using the contact us button. The best cautious managed fund performance in the last 5 years has returned 47.3% and the top 5 funds in this range have all returned over 40% in the same period so if your cautious managed pension is not performing as well as this then maybe this is the time to review it. For people with balanced managed funds the top performing fund has returned 62.2% and the top 5 performing funds in this sector have all returned more than 55% over the same period, has your fund done as well as this if not then start the review process today. Finally people who have got an adventurous attitude to risk should be enjoying returns like this top fund returned 234.8% and the top 5 funds all returning more than 224% so check you performance now and do something about it if your funds do not fall into this category.
Pension Transfer Summary
Pensions Transfer Summary: We hope the information we have given you on this page has helped you with your pension decision if not then please use the contact button and we will be happy to assist further. We aim to improve the service we offer on this and other pages on this site so would appreciate any feedback you may have so we can improve the service in the future. Moneyandme would like to thank you for taking the time to read this page and for submitting any feedback you feel will be of benefit to the site for its future development.
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