Many people wrongly think all forms of pension are set in stone and can’t be altered – but there are some helpful mechanisms in place which prove this isn’t always true. Pension transfers are when you switch or change your pension provider and transfer all money from your existing plan to a new one, thereby ending the original plan.
Typically, this can happen naturally if you change jobs and your new job has a different pension scheme, but you can also choose to do it voluntarily. Some of the reasons for doing it yourself might be if your own pension plan charges large administrative costs that you want to avoid by transferring to a pension plan with lower fees or if you want to add a personal pension plan to a work-based pension plan to take advantage of any employer contributions. Or it could simply be because your current pension provider are no longer offering the service. Continue reading ‘Using Pension Transfers’ »