Should I transfer my pension?

There are a number of reasons why transferring your pension pots into one place might make your life easier:

  • It's simpler and easier to manage your savings and keep track of your savings goals for retirement.
  • You may be able to reduce the charges you’re paying, and the impact of those charges on any savings you may no longer be adding to.
  • You might be restricted on the fund choices available to you.
  • You may find it simpler and more cost effective when you want to access your pension pot. Some providers charge a fee for setting up income withdrawal or other retirement options. Having your savings in one place could mean you reduce the amount of fees you may be charged. 

Things to think about

Before making a decision, you should look into the different plans you have and compare the different features including: the fee’s and charges, the fund selection and what services they offer at retirement. It's also really important to make sure you check if there are any exit fee’s.

Some pensions might offer special benefits or guarantees. These are called defined benefit pensions. It may not be possible to transfer these plans because of the advantages they provide you with. It could be best to speak to a financial adviser if you have a pension with these features to work out the best options for your particular circumstances.

With pensions, as with all investments, your capital is at risk and the value of your pension with Penfold may go up as well as down. You may get back less than you put in.

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