When would a pension transfer be a good option to consider?
- Your current provider doesn’t offer the type of pension you want. For example flexibility may be more important to you than a guaranteed income from within a final salary scheme
- You have a number of different pensions and wish to consolidate them into one pot
- You are seeking more control over your pension and what it is invested in
- Your Defined benefit scheme may be in deficit
- You reside overseas and wish to move your pension outside of the UK
- Potential tax advantages and the use of Double tax treaties
- You are due a large pension from your DB scheme and the benefits payable by the PPF (in the event it enters the PPF) would be less
- The options in relation to succession planning may be greater following a pension transfer. It may be advisable to transfer if you are going to be affected by the lifetime allowance
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