Do I need to take financial advice if I want to transfer my pension?

That very much depends on the pension you are considering transferring and the scheme you are transferring to. For any defined contribution pension worth more than £30,000 with a guarantee such as a guaranteed annuity rate (GAR) you will need to need to take advice. If you are considering transferring a defined benefit scheme that is valued over 30,000 pounds, you will also need take regulated advice from a Pensions Specialist with the appropriate permissions.

How long does it take to transfer a pension?

This will very much depend on the schemes you are transferring from and to. For example if you are transferring from a DB scheme where you CETV is valued at more than 30,000 pounds the transfer process may take considerably longer than if you are transferring defined contribution schemes. The Pensions Regulator sets out the rules and timelines for transfers from a final salary scheme. There are various parts to the statutory process of transferring from a final salary scheme that must be adhered to by both the trustees of the new scheme and the old scheme. As well as memeber and financial adviser obligations. Upon receiving the CETV the member has a maximum of 6 months to apply in writing for the transfer, and to provide proof that they have received adequate advice on the transfer. Within 6 months of the guarantee date of the CETV the trustees must make the transfer to the new receiving scheme.

At what age can I access my SIPP or QROP's?

Currently legislation dictates that the earliest you can access your SIPP or QROPS is from the age of 55, unless you are in ill health

Can I consolidate more than 1 pension?

Yes there are no limits on the number of pensions you can transfer into a SIPP or QROPS as long as the ceding scheme you are transferring from permits transfers out.

How much does it cost to transfer my pension?

The fees for financial advice relating to pension transfers will vary. Often it will depend on the complexity of the case, and whether it is a final salary or defined contribution scheme, and whether there is more than one scheme. Advice relating to final salary schemes is complex and will usually involve an upfront fee for the advice. Some useful questions to ask your adviser before proceeding are: What the fees and charges are – broken down for each aspect. Ask for complete transparency When will you be expected to pay? Will this be an upfront fee or an on-going fee? Or will you be charged after the transfer has taken place? If there’s a fee for an initial consultation –

How do I transfer my pension?

If you are considering transferring from a final salary pension scheme, you need to make a written request to the administrators of your pension for a ‘Statement of Entitlement’. Then within three months, your pension administrators should provide you with a transfer value for your pension. This will be guaranteed for three months – the guarantee date will be shown on the document. If you are considering transfering from a defined contribution scheme the pension administrators will provide you with the current fund value. this can fluctuate. Any potential pension transfer should be given serious consideration. The process is time consuming but that is generally a good thing. It leaves plenty of time to carefully consider the benefits and risks of a transfer and the potential impact on personal circumstances. Always seek advice from a pension transfer specilaist.

How do I make the most of my pensions?

Whether you’re thinking about opening a pension plan, you’re looking at transferring your pension to a SIPP or QROPS, or you’re nearing retirement and considering your options. You should always make sure you’re fully clued-up when you’re making pension decisions, and seek further advice if you feel you need it.

Will my family be OK when I die?

No one wants to think about ‘kicking the bucket’, but putting your financial affairs in order can save your family from a lot of extra grief in the event of your death. Only by planning effectively and in advance can you be sure that you have taken the necessary steps available to you. Careful planning is often required to ensure your loved ones aren’t left with nasty surprises when you pass on your estate.

I am risk averse, where should I invest?

Risk and returns share a direct relation. While risk-prone investments are likely to yield higher returns, they also have higher volatility. Risk-averse investors are the ones who choose more stable returns, even if lower, over volatility. A key element in our financial planning process is to provide a robust investment engine for the realisation of your financial and life goals. Designed to offer a range of investment experiences which can be matched with your capacity for investment risk.

The ultimate goal for most retirees is making sure their assets last as long as they live. Once a person or household can no longer rely on earned income, balancing income and expenses becomes the primary focus of financial planning. And because of increasing longevity, managing cash flow is more critical than ever. We utilise cash flow planning to help forecast sources and uses of cash. Providing a framework that enables the most effective and efficient use of pension and investment income. You might be able to retire earlier that you think!

Am I going to have enough?

Enough means something different to everyone. Many people focus on asking if they have enough, when the real question is, enough for what? If you want to build up enough wealth to meet your life goals, the first step is knowing clearly what those goals are. A clear financial plan will help you find the right balance between financial security and living your preferred lifestyle.

FAQs Archive - Page 3 of 3 - Jessica Cook in Partnership with AES Wealth

Published On: September 10, 2021|0.4 min read|
Do I need to take financial advice if I want to transfer my pension?

That very much depends on the pension you are considering transferring and the scheme you are transferring to. For any defined contribution pension worth more than £30,000 with a [...]
Read more
Published On: September 10, 2021|0.8 min read|
How long does it take to transfer a pension?

This will very much depend on the schemes you are transferring from and to. For example if you are transferring from a DB scheme where you CETV is valued [...]
Read more
Published On: September 10, 2021|0.1 min read|
At what age can I access my SIPP or QROP’s?

Currently legislation dictates that the earliest you can access your SIPP or QROPS is from the age of 55, unless you are in ill health
Read more
Published On: September 10, 2021|0.2 min read|
Can I consolidate more than 1 pension?

Yes there are no limits on the number of pensions you can transfer into a SIPP or QROPS as long as the ceding scheme you are transferring from permits [...]
Read more
Published On: September 10, 2021|0.6 min read|
How much does it cost to transfer my pension?

The fees for financial advice relating to pension transfers will vary. Often it will depend on the complexity of the case, and whether it is a final salary or [...]
Read more
Published On: September 10, 2021|0.7 min read|
How do I transfer my pension?

If you are considering transferring from a final salary pension scheme, you need to make a written request to the administrators of your pension for a ‘Statement of Entitlement’. [...]
Read more
Published On: August 12, 2021|0.3 min read|
How do I make the most of my pensions?

Whether you’re thinking about opening a pension plan, you’re looking at transferring your pension to a SIPP or QROPS, or you’re nearing retirement and considering your options. You should [...]
Read more
Published On: August 12, 2021|0.4 min read|
Will my family be OK when I die?

No one wants to think about ‘kicking the bucket’, but putting your financial affairs in order can save your family from a lot of extra grief in the event [...]
Read more
Published On: August 12, 2021|0.4 min read|
I am risk averse, where should I invest?

Risk and returns share a direct relation. While risk-prone investments are likely to yield higher returns, they also have higher volatility. Risk-averse investors are the ones who choose more [...]
Read more
Published On: August 12, 2021|0.5 min read|
Can I retire early?

The ultimate goal for most retirees is making sure their assets last as long as they live. Once a person or household can no longer rely on earned income, [...]
Read more
Published On: August 12, 2021|0.3 min read|
Am I going to have enough?

Enough means something different to everyone. Many people focus on asking if they have enough, when the real question is, enough for what? If you want to build up enough [...]
Read more

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