While many people move pensions around during their working lives, some don’t realise that there are good reasons to do this just before they retire as well. For a start, if you’ve changed jobs a few times, it’s likely you’ll have several schemes in different places. Bringing them together can make it much easier to plan – and help you look after your money in the years ahead as well.
Equally, it could open up more investment options or more types of retirement income, as some companies don’t offer the full range. It might even save you money as costs can vary significantly between providers – and over a long retirement, small changes in price can lead to a big difference in how much you have.
our SIPP for example. It offers funds from over 140 investment companies (many more than most workplace pensions can offer) and we provide the full range of retirement income options. It’s affordable too, as our typical low-cost service fee is just 0.35% (dropping to 0.20% when you have more than £250,000 with us). Other than that, you just pay the charges associated with your investments. We don’t even charge for setting up drawdown – which can be a big saving over some companies’ costs.
It’s important to understand that pension transfers are a complex area and may not be suitable for everyone. Before going ahead with a pension transfer, we strongly recommend that you undertake a full comparison of the benefits, charges and features offered. To find out what else you should consider before transferring, please read our transfer factsheet. If you are in any doubt whether or not a pension transfer is suitable for your circumstances we strongly suggest that you seek advice from an authorised financial adviser.