Financial Planning

Have you asked your financial adviser these questions about your pension transfer?

15th January 2018

The Author: Oliver Maher
Oliver is the Business Development Director at United Advisers. He looks after new clients to help them assess and review their immediate and long-term needs.

We should start by saying that transferring your personal pension(s) from where they are currently held is not right for everyone, or for every pension scheme.  When we investigate this for you, we provide unbiased, fact-based, recommendations, and will only ever recommend a transfer if it is viable and feasible to do so and represents a clear advantage for you.  If you are better off keeping your pension where it is, we will tell you so.

Once you have met with your financial adviser, you should feel confident you know the costs involved in your transfer and that any recommendations are relevant to you and your circumstances.

What questions should you ask your financial adviser?

The relationship you have with your financial adviser is important, and these questions will help you establish whether your adviser is someone you trust to put your interests first.

  • What is my current pension valuation?
  • What are my safeguard benefits? Do I lose them if I transfer my pension?
  • What is the likelihood that HM Revenue and Customs will delist your recommended scheme?
  • Are you independent or linked to specific financial product providers?
  • Can I benefit from a double taxation agreement (DTA)?
  • How much will my pension transfer cost me?
  • Will my current provider charge me for transferring my pension?
  • Will the value of my contributions decrease after the transfer?
  • How much do I need as a monthly drawdown?
  • Do I have enough saved in my pension to pay for the lifestyle I want in retirement?
  • Are you regulated and, if so, by whom?

A pensions analysis is a vital part of understanding which pension options are right for you.  Whatever the value of any pension(s) you are considering transferring, we strongly suggest taking professional advice before delving into this complex area and recommend booking your review with one of our team today.