Pension Perfomance Reviews & Transfers

Below is information designed to help you understand the ins and outs of pension transfers including its basic workings and why you may be better off financially if you transfer your pension plan. It involves information on transferring from one UK registered transfer scheme to another. However, we will not be covering transfers relating to [...]

This type of pension scheme normally ensures that you receive a fixed percentage pension which is calculated according to your pensionable service and last salary when you finished working for the company or decided to retire. There are other benefits:  Your dependents can receive benefits if you die before retirement.  Your pension may [...]

Contracted out rights are also known as protected rights and include Section 9 (2B) rights and guaranteed minimum pensions. The reason why your contracted out rights fund exists is because you contracted out of the State Earnings Related Pension Scheme, now known as the State Second Pension in the past. If your fund has contracted [...]

With an income drawdown plan, you are allowed to take an income in retirement until the time comes to buy a pension. To transfer from this defined contribution scheme, you must transfer your money to another income drawdown plan which will have the exact same review date and transfer limits as the old plan.

With this type of scheme, you are not entitled to specific benefits. Instead, you will receive benefits purchased by the fund which has been built up thanks to payments put into the pension scheme. Once again, this scheme does not let you know what benefits you are entitled to until you decide to take them. [...]

How To Transfer From Other Plans There are dozens of pension schemes where individuals may be better off transferring out of including: Section 32 Transfers Also known as buy-out plans, these individual transfer plans are purchased by transferring from any occupational scheme. You have certain rights when transferring out which may lead to some small [...]

The jargon used in the pension industry can be confusing. Rather than staring blankly at your financial advisor while he/she explains the nuances of pension transfers, read the explanations of each phrase below.  Defined Benefit Pension Scheme: Also called a final salary scheme, your pension is calculated according to the how long you worked [...]

Sometimes an individual wants to transfer the pension pot he or she has built up in one pension or several pensions into another one. This is known as a pension transfer. There are many reasons why you may want to consider a pension transfer. For example, if your current pension scheme is being wound up [...]