Do you have a Pension Fund?
If you have a pension fund, then you may not be aware of the following pension products which are available in the UK:
Pension Transfers
A pension transfer involves transferring the funds from one pension provider to another. This means that all the contributions you have made into your existing pension so far can be transferred to another pension company and from that point onwards you will be making contributions into the new pension scheme.
Pensions are normally transferred when people decide to change their jobs. This is often seen as the most beneficial time to undertake a pension transfer but financial advisers also warn that people should not just undertake the pension transfer without careful consideration. It is also advisable to seek good professional financial advice on this matter. It should also be noted that people decide to make pension transfers when they are unhappy with the benefits or service of their current pension provider or when they believe that another pension provider may provide them with better benefits.
Pension Release
Accessing money from your pension before you reach retirement age is known as unlocking your pension or pension release. Money can be released both from personal pensions and company pensions.
Taking money from your pension now will result in a smaller income when you come to retirement. However there are numerous reasons why people do release cash early.
The major UK product providers have designed modern, sophisticated, flexible and low-charged products for this growing market.
Pension Consolidation
There are many people with multiple pension policies.
It could be that you have a number of plans from previous employers, your own individual plans and others that you might not even remember about or where they came from.
Maintaining separate plans can be complicated, and may lead to lost investment opportunities, exposure to undue risk and higher costs.