Pension Transfer Value

Where Can You Find Your Pension Transfer Value?

When you decide to transfer your pension, the first thing you need is a current transfer valuation. If you leave your job, you also automatically leave the company pension plan. Many companies stipulate a length of time that you need to work for them before you can keep the funds you have accrued in your pension plan. If you have worked for the company for longer than that period, you can do one of a number of things with your pension:

• Freeze Your Company Pension - If you freeze your company pension, you stop putting money into it. The investment accrued to date will still grow with the fund, and you will get a pension when you reach the age defined by the scheme. However, this pension may be limited, so you will need to make additional pension arrangements.
• Transfer Your pension To Your New Company - If your new company operates a good pension scheme, with benefits that match or exceed your previous scheme, it may be worth considering transferring the cash from your existing pension into a new one.
• Transfer Your Company Pension To A Private Pension - Having a personal pension gives you the flexibility to pay into a scheme no matter where you are working. Investigate personal pension plans (PPPs) carefully, though. The benefits may not always match a corporate scheme, and you are more at risk from fluctuations in the stock market.

For the last two options, you will need to get a transfer value on your pension. This is an assessment of the total amount of money you will be able to take out of your existing pension and move into your new one. If your existing pension fund is reasonably big, it is well worth considering a transfer. You could move to a more flexible scheme, with greater benefits and lower administration costs. When you transfer your pension, there will be some costs associated with the transfer. Your existing pension provider may charge for moving your funds, your pensions advisor may charge for advice and the new company may make an administrative charge for setting up the pension. Only if you can pay these charges, transfer a significant amount of investment, and choose a new pension scheme that can quickly increase your investment is a transfer the right thing for you.

If you have at least £10,000 in your current pension scheme, you should consider a transfer. Speaking to a pensions specialist such as one of our panel of experts, will let you see what the possibilities are for your pension, and help you with planning for the future. We can arrange for a current transfer value on your pension, so that you can see whether it would be worthwhile moving your investment to a new fund, and we can recommend the funds that will provide both the growth and the benefits you need in order to enjoy your retirement.