Pension transfers
Transferring your pensions into one plan can simplify retirement planning, reduce fees and offer greater investment flexibility. However, it's essential to understand the potential trade-offs, such as losing valuable benefits from older schemes or facing exit charges. At Evelyn Partners, we provide expert guidance to help you assess whether combining your pensions aligns with your long-term goals, ensuring you make informed, confident decisions about your retirement income.
The potential benefits and drawbacks of combining pensions
Simplified management
Easier to track, manage and monitor one plan.
Improved investment control
Access to broader fund choices and tailored risk strategies.
Lower fees
Reduces overlapping charges from multiple providers.
Greater flexibility
Access features like drawdown and flexible death benefits.
Loss of guarantees
Older pensions may include valuable benefits like guaranteed annuity rates.
Exit charges
Some pension providers impose fees for transferring out of schemes.
Employer contributions risk
Transferring could stop employer payments into a workplace scheme.
Complexity with final salary pension schemes
Transferring out of defined benefit schemes is often not recommended.
Why transfer your pensions with Evelyn Partners
If you’re considering a pension transfer, we can help you make confident decisions for a secure and flexible retirement.
Trusted expertise and a proven track record
Our seasoned experts can guide your pension transfer with trusted, expert insight.
Navigate pension complexity
Specialist advice ensures compliance and clarity on pension intricacies.
Tailored retirement planning
Personalised strategies optimise income, flexibility, and legacy planning outcomes.
“ Transferring a pension isn’t a one-time decision. Instead, it’s part of a broader retirement strategy. A financial planner can provide ongoing support, helping you adapt your plan as your circumstances change. Having a trusted adviser ensures your pension remains aligned with your life goals. ”
Frequently asked questions about pension transfers
Find out more about pension consolidation
- Insight
Why professional advice matters if you’re thinking of transferring a pension
Transferring a pension could potentially be a smart financial move but only when you have a full understanding of the implications
- Insight
Pension transfers and retirement planning. An example scenario
When it comes to retirement planning, many people find themselves juggling multiple pension pots, unsure of where they stand or what to do next. Professional pension advice can bring clarity and confidence to your financial future
- Insight
Should I transfer my pension? The benefits and drawbacks
By the time you retire, you could have multiple pension plans. Different schemes can have different charges, features and rules, making it difficult to decide whether transferring them is the right option
