Yes I know this was the subject of a blog only a few weeks ago. If you didn’t see it here is the link.
None of this is complicated. It is indisputable that in the vast majority of cases pension plans taken out a few years ago, whether personally, or through an employment arrangement, are not competitive and will not produce the results which could be achieved by transferring to a modern plan.
Nearly everyone I talk to about this tells me they know they should be doing something about this but they haven’t got around to it yet. The traditional pension providers love this. They have been ripping the public off for years and will continue to do so whilst apathy rules.
This drives me mad. It is your money. You worked hard for it and yet you are allowing high charges and poor performance rob you of money. Isn’t it time you got mad and did something about it?
If you have an adviser you know, like and trust ask for his/her input. Most will offer you a free initial consultation. But be very inquisitive about their transfer and ongoing charges. If you are not careful those charges could wipe out most of the benefits of a transfer.
A better answer may be one of the “no advice” platforms such as Hargreaves Lansdown. There should be no charge for transfer and plenty of guidance about the transfer process and selection of funds. If you find that all a bit much I can guide you through the entire process. Just text PENSION TRANSFER to 07770 575122 and I will get back you.
Perhaps this should have been #1 on my list of resolutions… the numbers can be huge particularly if you are a number of years away from retirement. A reduction of 1% in charges and an improvement of 1% in performance could bring your retirement forward or give you a lot more money to enjoy in retirement.
If you are fortunate enough to have built up pension benefits from past employments put “sort out pension plans” at the top of your resolution list and just get on with it.
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