Case studies: Defined benefit pension advice
Case studies: defined benefit pension advice
Combining your pots could make your pensions easier to manage and help you save on fees. If the transfer value is lower than your total pot value, you may be charged an early exit fee. You may have to get financial advice before you can transfer your pension. You then need to shop around for a new provider to transfer your pension to. The value of your defined benefit pension gets transferred as cash and is invested into a defined contribution pot. Make sure you understand the risks , to help you make an informed decision. You can get free and impartial information about transferring your pension from the Money Advice Service and the Pensions Advisory Service.
Pension transfer - can I transfer my pension?
Several different pensions, no clear idea of what they will provide and when, and no recent reviews to ensure that they are still invested appropriately…. We have helped many clients who have accrued a number of pensions over the years, often from different employments. Usually they are frustrated at the volume of paperwork from the various providers, all in varying formats, making it difficult to understand what the pensions are likely to provide in the future. Keeping on top of these plans, ensuring that they are invested appropriately and that records are maintained with the providers is quite a burden, so consolidating all the various plans into one can be a very welcome solution. The following is an example of pension consolidation for one of our clients all names have been changed.
It is widely reported that women are more likely to have a shortfall in their savings at retirement. This is typically a result of can largely be attributed to lower lifetime earnings, as a result of caring responsibilities, taking time out for raising families, and the gender pay gap. However, it is also recognised that historically women have been less engaged in investing; statistically they are more risk averse, often hold more in cash and are less likely to seek professional advice.