PensionsNetwork
Pensions and Annuities
PensionsNetwork Pensions and Annuities
PensionsNetwork
- Transfer in - No Initial Charge
Pension
charging structures have changed dramatically over the past
few years. Due to the influence of stakeholder pensions the
cost of a new pension is now far lower than in the past. Many
individuals now find themselves with outdated, overpriced
pension contracts. In some cases you may even be able to switch
contracts with the same pension provider to better your charging
structure.
No
charge other than the Annual Management Charge
Whilst you can transfer into any UK stakeholder pension
with no initial charge, there are still a number of factors
that need to be considered. If you are considering transferring
your pension away from your current provider, the main factors
you have to consider, is the possible benefits of transferring
your pension against the associated costs of moving, including
any penalties you may incur by your existing pension provider.
The
further away you are from retirement, the more likely the
benefits will outweigh the costs of the transfer, as time
will dilute any initial costs and penalties associated with
transferring.
The
easiest way to make a charge comparison is to ask your provider
for a current Valuation and Transfer Value of your pension,
this will enable you to see what the costs are in moving away
from your current provider. In addition by asking your insurance
company to provide a projection to your chosen retirement
age, you can make a comparison with a newer charged contract.
This will assist you in making a decision as to whether a
transfer is the best thing to do.
PensionsNetwork
have attempted to highlight the main factors that could influence
whether or not transferring to another provider is the right
thing to do, there may be other reasons as to whether this
is a suitable product to transfer to and if you are in any
doubt you should seek independent financial advice.
For
further information on PensionsNetwork Pensions and Annuities
visit the PensionsNetwork website.
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