Questions to ask when transferring your pension

When looking to transfer your pension, what should you ask your provider?

Many people choose to transfer their pensions to a new provider if they are looking for pension consolidation, want more investment choice, or if their current pension fund is not offering the best value for money. Combining all your private pensions into a single pension fund could have several advantages, including being easier to manage and keep track. Modern pensions may also give you more choice of investments, which is potentially useful if you want more control (although remember that investment value can go down as well as up).

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Have multiple old workplace pensions? Consider Pension Consolidation

Have multiple old workplace pensions? What could you do with them?

The problem:

Auto-enrolment – when a workplace automatically enrols you in a private pension and it is up to you to opt out if desired – is useful in many ways. For younger workers or those who might have put off setting up a pension fund, it gets people off to a good start when saving for their retirement. However, if you are already paying into a personal pension, this can make retirement planning more complicated.

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What is a pension check?

What is a Pension Assessment?

A pension assessment may not be something you have considered. Perhaps it sounds like it’s only for people who have large personal pension pots, or even those who are having problems with their private pension. However, a pension review is suitable for everyone, no matter how close you are to retirement. It is designed to benefit you, and the financial advice you are given will not only make sure you are getting the right deal but could save you money.

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A guide to pension consolidation

A Guide to Pension Consolidation

Many people have a few different pension pots from previous employers, and you may have heard of pension consolidation: putting all your pension plans together in one, single pension fund. For your retirement planning, it’s essential to have an idea of how much income you could expect to receive from your final pension.

Consolidation for easy management

Pension consolidation could make this much easier: no-one wants to spend hours trawling through filing cabinets or peering at different websites trying to work out what all your pension funds add up to. It can also reduce the chances of losing track of any old workplace pension pots you may forget about as they are lower in value. When it comes to your retirement fund, every penny counts.

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Pension Transfer Tips - Computer & Mobile

Transferring your pension; is it right for you?

Many people consider transferring their pension funds, from consolidating their old workplace pensions to moving out of a final salary scheme into a personal pension. If you have considered transferring your pension pot to another scheme or provider, here are six reasons why it could be beneficial.

1. Looking for better performance

Some people opt to move their pension because they are in an under performing scheme delivering poor – or non-existent – growth. If your private pension is performing poorly, you may well want to move your pension funds elsewhere.

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Baby Boomers planning for retirement?

Are baby boomers planning for retirement?

Living through decades of increasing prosperity has undoubtedly given baby boomers a lot of advantages, but they can also face several challenges. Today, many feel pressured into working past their normal retirement date, often because of the number of demands being made on their finances by their families. If they are unable to work, they can have concerns about outliving their retirement savings.

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Five ways to prepare for retirement

5 ways to plan for retirement

Retirement planning is a complex process. As your retirement date draws nearer, it’s sensible to think about some key issues that will help get you off to the best possible start for the next stage in your life. Follow our simple tips below to give yourself peace of mind and, the best possible opportunity to make your pension plan work for you.

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How to avoid a pension drawdown disaster

How to avoid a drawdown disaster

Pension drawdown has become a highly popular option for those with a private pension. Thanks to pension freedom, this means that you have the option to withdraw money from your pension fund after the age of 55. The amount of retirement income, and how often, is up to you. There are some great advantages to this – the tax-free lump sum cash option is particularly popular – but this needs careful planning to avoid your money running out and a drawdown disaster.

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Retired couple working out

How much do you need to retire?

After years of hard work and paying in, a comfortable retirement is probably the light at the end of the tunnel.

40% of over-55s, however, are worried that their money will run out. (1)

Moneywise.co.uk – April 2018

It’s worth taking some time to make some retirement decisions and figure out how much you are going to need – and if you’re on track to build up the pension fund needed to provide this.

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A guide to pension drawdown

A guide to pension drawdown

Many people are now choosing income drawdown as an option in their retirement planning. This is different to the traditional annuity which most people used to purchase – so here is a guide to pension drawdown, and how to work out whether it’s for you.

What is pension drawdown?

Put simply, income drawdown means your defined contribution (DC) pension is like a savings account. Whether or not you choose to claim your tax-free lump sum cash, you can withdraw money out of your DC pension whenever it’s required. The rest stays in your pension pot and means your investment can continue to grow.

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