Not Yet Retiring
It’s not unusual for people to have several different jobs in a lifetime. One thing that people tend to put to the back of their minds once they change jobs, is the pension fund they’ve built up. It may be in your interest to leave your pension where it is. In some cases, however, you can save a considerable amount of money by moving it to a more appropriate fund.
WHAT OPTIONS COULD BE AVAILABLE TO YOU?
Transfer to a Personal Retirement Bond
Option 1: Leave it where it is
Many occupational pension schemes have preferential charging structures for their employees and as a previous employee, you can continue to take advantage of this.
However, you will be limited in the level of control you have over how your money is invested. Changes within a company could also have an effect on the scheme and how it is managed.
A Personal Retirement Bond is a policy, owned by you, which allows you to bring your pension benefits with you when you leave an employer. The value of your pension scheme is transferred into a bond which you can benefit from at retirement.
Transferring into a PRB allows you a much higher level of control over where your pension is invested.
Option 3: Transfer to your current pension
Your new employer may have a pension scheme in place which will accepted a transfer from your previous pension scheme or you might become self-employed or enter non-pensionable employment. It may be beneficial for you to transfer your previous pension into this new one.
Your combined pension pots will now be in one place, making it easier to manage.
As advisors, our primary focus is to help our clients align their current financial plans with their overall objectives.
Before making any recommendations, we will conduct a full financial review with you to ascertain your current situation and your goals for the future.
Book your consultation with an advisor
We can help you establish what options are available to you.
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