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The Pension Transfer Specialist

The Pension Transfer Specialist is not authorised to give financial advice and we are not liable for any financial advice provided by, or obtained through a third party. The information published on this website is for information purposes only. Contact us at The Pension Transfer Specialist on 020 3984 8087.

What is the difference between a pension switch and a pension transfer?

There is a slight difference. A pension switch is not part of the process involved with a pension transfer, it involves moving pension benefits from one particular scheme to a different one but of the same type. 

When someone moves their pension benefits from one pension scheme to a different scheme of the same kind as the original, it is called a pension switch. Pension plans that are moved or changed in ways that do not fit the definition of a pension transfer are considered to be pensions switches.

A transfer from one kind of pension scheme to another pension scheme is called a pension transfer. The pensioner relinquishes their scheme benefits during the transfer and receives cash in return. Once the person uses the cash to invest in a new pension scheme, the transfer is complete. Some examples of pension transfers could be a personal pension scheme, a stakeholder pension (SHP) scheme, a self-invested personal pension (SIPP), or an employer-provided pension scheme.

What is a pension specialist?

A pension consultant will provide information and financial advice on retirement planning and pension provisions. They will try and always find the most suitable provisions for not only the organisation but the employees too. 

Do I need a financial advisor to transfer pension?

It is a legal obligation to seek financial advice if someones intends to cash in a defined contribution pension that is more than £30,000. Which would involve a guarantee on the amount they will be paid when they retire, such as a guaranteed annuity rate.

Anyone considering a pension transfer is strongly encouraged to seek the guidance of a financial advisor, as this may be a life-altering decision. The government the transfer process and may require a pensioner to discuss their pension transfer concerns before allowing the transaction to process through. Additionally, the government has a designated pension benefit value cap that determines whether a pensioner must legally seek financial advice or not before completing a transfer. A pension transfer specialist can answer any questions that a person may have about this process.

What is a pension transfer value?

Typically this is referring to your final salary pension transfer value. This is the calculated sum of money that your employer is willing to offer you in exchange for you vacating your pension scheme and therefore forfeiting any future income that would have been paid with that plan.

A pension transfer value is a financial value that a pensioner’s current scheme holds, and it is the amount that will be paid towards the new pension once the transfer process is completed. A cash-equivalent transfer value (CETV) is another name for a pension transfer value. Pensioners receive transfer incentives or enhanced transfer values on some occasions. The original CETV will be lesser than any transfer incentive an employer or plan offers. 

How long does it take to transfer a pension?

It will depend on the provider’s technology and whether it will be manually transferred. Your estimated time to transfer a pension can be anything from 2 weeks up to 12 weeks. Faster transfers obviously means less time is spent out of the market.

The time that specialists take to complete pension transfers can vary greatly. Each person’s pension transfer case is different. No one can predict a given transfer’s completion time. Specialists generally complete transfers in bout two to three months. Some specialists can complete pension transfers in a matter of weeks. Whereas other specialists may up to half a year to fully process a transfer.

Is it better to transfer pensions into one?

There are some benefits of putting all your different pension pots into one. The main advantages of consolidating your pensions into one being able to more effectively manage your pension. Also, there can be financial benefit if you transfer from higher-costing schemes to lower-costing ones.

Should a pensioner consolidate their pensions through a transfer?

A pensioner receives numerous benefits through consolidating their pensions into one. The pension can track their pension savings easier, save money through moving to lower-costing schemes, and can take advantage of better investment options. However, a pensioner opens themselves to investment risks by doing so. Those considering consolidation should get pension-related financial advice.

Can you transfer your pension to another person?

if you ever leave a pension scheme, the financial benefits will always stay with you. There are always options to transfer to different schemes and you can even do this after you draw some retirement benefits out of a provision. 

A pensioner can transfer their pension to someone else only under very extenuating circumstances. A court may transfer one party’s pension to another in divorce court proceedings or during the dissolution of a civil union. The government will also allow a person’s pension to transfer to another person if the pensioner passes away.