Transferring a Pension | Services | Alexander Peter Wealth Management

How does it work?

One of our Pension Specialists will contact you to discuss your situation in broad detail in order to establish if it may be in your interest to look at transferring your pension and exploring your options.

If so then we will need to get the technical details of your pension to make a comparison of your current benefits and those of a new arrangement.

1. Letter of Authority

We will ask you to complete a Letter of Authority (LOA), this simply gives your permission to your current pension schemes to provide us with all of the technical information on your pensions. To make it clear it does not allow us to make any changes to your pension in any way.

2. Pension specialist analysis

Once we have received all the information, we will analyse it to establish what benefits you have in the scheme. This will include, what benefits you will receive at your normal retirement age, if you can take the benefits earlier and if so on what basis, what happens in the event of your death both before and after retirement and if there are any valuable guarantees.

3. Advisor discussion

Whilst it is important to understand these benefits, it is far more important to discuss how they fit it with your plans, so your adviser will also discuss with you:

Your plans for retirement

Your current financial circumstances
Your objectives
Your attitude to transferring your pension
Your attitude to investment risk

4. Advantages and disadvantages

Using the information that we have gathered, on both you and your pensions we will compare all the advantages and disadvantages of transferring your pension.

This will include:

What you will receive at retirement

Can you access the funds earlier?
Can you delay your taking the benefits?
What happens in the event of your death and the ramifications for your family

5. Report

We will then discuss each option fully with you to ensure that you understand the advantages and more importantly the disadvantage of each of the options and will answer any questions you may have. After which we will then put this in writing to you in a report written in plain English. This will include details of all of the costs in moving the pension and outline what is the best option for you.

6. Best option

You should bear in mind that whilst it is unusual, it could mean that your best option is to leave the pension in the UK. If we think this is the best option, we will advise you to do so and there will be no cost at all for our service.

7. Recommendation

Based on this information if you decide that you wish to transfer your pension, the report will make a recommendation as to the most suitable providers and options and will clearly show all of the cost and charges.

8. Paperwork

Then we will complete all of the paperwork for you and send it to you for your signature. Our team is always available to answer any questions you may have before you return the forms to us.

9. Transfer of your pension(s)

The team will then manage the transfer of your pension(s) to the new arrangement and keep you informed at every step of the way.

10. Taking your pension benefits now.

If it is important for you to take some or all of your pension benefits now we will arrange for the funds to be transferred to your accounts. (Please remember this can only be done if you are over the age of 55).

11. Regular reviews

Once the pensions have been moved we will contact you on a regular basis to review the performance of your pensions to make sure it is on track to achieve your objective. As you get closer to retirement most people become more conservative in their approach and it is important to ensure that your funds are invested in the appropriate manor.

12. Assistance locating your Pensions

If you are unable to locate any of your pensions, we can trace them on your behalf.

13. Estimated State Pension

Another benefit of our service is that we can help you obtain a projection of the UK state Pension you will receive. For more information about state pensions please click here.

We always recommend to anyone considering a UK pension transfer that they seek independent financial advice before making a final decision. Your pension may be the most valuable asset you own so make sure you protect it by doing as much research into the advantages and disadvantages of a pension transfer as possible before signing on the dotted line. We are happy to chat about your situation and answer any questions you may have about pension transfers.

If it is recommended that you leave your pension in the UK, then it will not have cost you anything to establish that this is your best option.

However, if you are advised that a transfer to either an International SIPP or a QROPS is your best option, then your adviser will recommend the most suitable company for you to transfer your pension to. The adviser will also recommend suitable funds to invest into your pension that meet your attitude to investment risk. This ranges from very cautious through to adventurous. It is important to point out that we only ever recommend fully regulated funds

We will arrange the transfer on your behalf. If you want to take some or all of the benefits now, your adviser will arrange for them to be paid directly into your bank.

The fees for this service are paid by the pension companies or pension trustees, so you will not have to make a personal payment. The fees will be explained to you before you make your decision.

When it comes to your pension there are three main options: